Use the Following to Answer Questions -(Table: Demand for Crude Oil)Use Table: Demand for Crude Oil

question 5

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Demand for Crude Oil }\\\begin{array} { c c c } \text { Quantity } & \begin{array} { c } \text { Price } \\\text { (\$/barrel) }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue (\$) }\end{array} \\\hline 0 & \$ 160 & \$ 0 \\10 & 150 & 1500 \\20 & 140 & 2800 \\30 & 130 & 3900 \\40 & 120 & 4800 \\50 & 110 & 5500 \\60 & 100 & 6000 \\70 & 90 & 6300 \\80 & 80 & 6400 \\90 & 70 & 6300 \\100 & 60 & 6000 \\110 & 50 & 5500 \\120 & 40 & 4800 \\130 & 30 & 3900 \\140 & 20 & 2800 \\150 & 10 & 1500 \\160 & 0 & 0\end{array}\end{array}$$
-(Table: Demand for Crude Oil) Use Table: Demand for Crude Oil.Assume that the crude oil industry is a duopoly and the marginal and fixed costs of producing crude oil equal zero.Suppose that the two firms are maximizing industry profit and splitting the profit evenly.If firm 1 decides to cheat and increase production by 10 more barrels,it will earn profits of:

• A) $6 400.
• B) $6 300.
• C) $3 500.
• D) $2 800.

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Definitions:

Seismograms

The recorded output of a seismograph, which shows the motion of the ground during an earthquake or other seismic event.

Nomogram

A graphical calculating device, a two-dimensional diagram designed to allow the approximate graphical computation of a function.

Seismic Station

A facility equipped with instruments for detecting and recording earthquakes and other ground vibrations.

Major Earthquake

A seismic event of considerable magnitude, typically causing widespread damage and possibly tsunamis.