Petrol companies have the market structure of an oligopoly. An oligopoly is a market structure where there are a few dominant firms whose behavior is interdependent. There are a few dominant firms relative to market size‚ and they each command a large proportion of the market share‚ thus having strong monopoly power. Examples of petrol companies include Shell‚ Caltex and Exxon Mobil. Their demand curve is downward sloping‚ meaning that they are price setters. Petrol is a homogeneous product‚ hence
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is perfectly inelastic is upward sloping – incorrect vertical horizontal downward sloping You have just calculated the elasticity of demand to be 1. In this case‚ we would not expect any change in Total Revenue. True –correct False Mario loves chocolate ice cream. The price of a single scoop of ice cream at his favorite ice cream shop just increased from $1 to $1.20 Mario’s Demand Schedule for Chocolate Ice Cream Price Quantity
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ECON1101 Essay: Petrol subsidies in Nigeria Nigeria‚ an oil-abundant nation‚ produces two million of barrels of crude oil a day‚ though despite this‚ it relies solely on importation to sustain its refined-fuel needs. This is because its four refineries fail to function effectively and continue to operate beneath capacity. Governmental mismanagement and political corruption are some of the reasons why Nigeria’s refineries remain in this state. The Nigerian government therefore implemented subsidies
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EN2702 Thermofluids – Petrol Engine Report Introduction At the end of 2010 it was estimated that there were 31‚035‚791 cars owned in the UK. (1) With cars being such a high contributor to the environmental problems that the planet is experiencing‚ it is of vital importance that our cars become as fuel efficient as possible‚ thus saving petrol and preserving the world’s fossil fuels. Around seventy-five percent of carbon monoxide emissions come from automobiles and in urban areas‚ harmful automotive
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Found at the very end of Article I‚ Section 8‚ the Elastic Clause provides the government with an immense power and responsibility‚ “To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers‚ and all other Powers vested by this Constitution in the Government of the United States‚ or in any Department or Officer thereof.” The Elastic Clause allows government officials and the individuals who represent the country to adjust
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I would say that when I think of a company that has inelastic demand on their products it would have to be Apple. Apple charges above average prices for their phones‚ computers and music players all with the marketing strategy of superior quality. When a company achieves inelastic demand it is because of two possible reasons. They have either developed highly differentiated products or brands or they have achieved a monopoly on a market or product category. (Tedesco‚ 2011) If you look at Apple they
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etc. So there must be an alternative way to find the solution.First of all‚we will take a look on the effect of the fuel on our environment. Our environment is being effected due to combustion of fuels by the automotives. The automobiles run on petrol or diesel‚the automotives burn the fuels to run the automobiles .The burned fuels are released into the environment‚This released smoke or burned fuels are depleting the Ozone layer of the earth.Due to the depletion of Ozone layer ‚ Green house effect
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ADMS 3541 Winter 2014 Assignment 1 Due Dates Section N: Tuesday‚ February 11th Section O: Wednesday‚ February 12th Section M: Thursday‚ February 13th Instructions: Each group must submit the assignment to the instructor at the beginning of class on the date the assignment is due. When completing your assignment‚ please observe the following rules and guidelines: 1. Textual portions must be typed and double-spaced. This does not include variables‚ labels and brief notes of explanation. Use
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MAT UDIN CASE 6: GEZ Petrol Station: Using CVP Analysis for Planning EXPIRE: 24 November 2013 (Before 10 a.m.) GROUP A (7) NAME MATRIC NO MARISA BT MUSRIL GOH ING MIN ELIZABETH ESTONIA ANAK JONIC 195468 205438 207727 NURLIYANA BT ZAINUL ABIDIN WONG ZI XIN 207788 207877 Contents 1.0 Introduction Mr Aiman is the GEZ Bhd’s area manager who is responsible to directing sales activities for more than twenty petrol stations in the northern region of Malaysia. The petrol station business is very
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company in Malaysia which was operated petrol stations under three basic concepts‚ namely Company Owned Station (COS)‚ Partially Company Owned Station (PCOS) and Dealer Built Station (DBS). GEZ petrol station conducted two main businesses which are the fuel business and the convenience store business‚ known as SelesaMart. Under the fuel business‚ the petrol station sold Petrol Ron 95 (R95)‚ Petrol Ron (R97) and Diesel‚ with sales of 200 million liters of petrol and 150 million liters of diesel monthly
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