Business, 06.05.2020 02:22 dboby

A large offshore oil field has attracted the interest of many oil drillers. The oil field is not owned by anyone, and any firm that wants to drill for oil is free to do so. Any firm drilling for oil will be able to pump oil from the field, but as the number of drillers increases, the yield from each oil well decreases since they are all pumping from the same fixed stock of oil. The oil field is therefore a classic common property resource. The price of oil is $8282 per barrel. The private marginal cost of drilling and extracting oil from the oil field is MC = 3636 + Q. The marginal social cost of extracting oil from the field is MSC = 4545 + 1.21.2Q. In each case Q is the number of barrels of oil extracted in thousands of barrels per day. The socially efficient amount of oil to extract per day is nothing thousand barrels. (Enter your response as a real number rounded to two decimal places.) If entry to the oil field is unrestricted, the actual amount of oil that will be extracted per day is nothing thousand barrels. (Enter your response as a real number rounded to two decimal places.)

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A large offshore oil field has attracted the interest of many oil drillers. The oil field is not own...

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