Takehome_Midterm_S08-1

Takehome_Midterm_S08-1 - University of California Irvine...

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University of California Irvine ECONOMICS 143 - ENERGY ECONOMICS Spring 2008 Take-Home Midterm Examination (The in-class part will be given from 2-2:50 PM on May 5, 2008) Dr. Tony Finizza due 2 PM, May 5, 2008 by EMAIl or hard copy (prior to receiving the in-class midterm) 50 Total Points (To be answered independently. Points will be deducted for unnecessarily wordy answers. Make and state any non-trivial assumptions you feel are necessary.) These questions will not be discussed in class or my office hours before May 7,2008. If the question does not seem clear, make any reasonable, non-trivial assumption about its intent. Do Either 1A or 1 B (not both) (20 points) 1A. Suppose that OPEC is a dominant firm oligopoly with Saudi Arabia as the dominant firm. Suppose that Brazil discovers a huge oil find. It wants to to join OPEC. You are asked by the Oil Minister of Saudi Arabia to analyze their request. (a) What impact would this have on Saudi Arabia’s market share?
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