Practice_Midterm_3

10

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years.

 5. Depending
on
the
flow
of
orders
to
shipyards,
it
can
take
anywhere
from
12
to
18
 months
to
build
a
new
ship.

 Practice
Mid‐term
 
 Page
2
 6. Real
prices
of
key
variable
inputs
‐‐
most
notably
fuel,
crew,
and
supplies
‐‐
in
the
 operation
of
cargo
ships
remained
remarkably
stable
from
year
to
year
throughout
 the
1990s.

 7. Capacity
in
the
ship
building
industry
adjusts
very
slowly
and
the
size
of
that
 capacity
at
the
end
of
the
1990s
was
essentially
what
it
was
at
the
beginning
of
the
 1990s.

 8. An
economist
at
NYU’s
Stern
School
of
Business
estimated
a
market
demand
curve
 for
the
bulk
cargo
shipping
for
the
years
1993
and
again
for
the
year
1999.
The
 estimated
demands
took
the
form,
Q
=
a
–
b
P,...
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This document was uploaded on 03/09/2014 for the course BUS 01 at NYU.

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