Lease Assignment | Homework For You

Question 10 ( 1 point )Consider another deposit on which Coquille Oil has a lease with two years to run( 2015 and 2016). There are exactly 190 units available at the beginning of 2015 The extraction costs are exactly as those faced by Wyoff in question 4 Coquille is a small firm and its decision-makers consider the world price of oil to be outside the control of the firm before any extraction can take place , the Oil Minister of an unnamed Persian Gulf state gives orders to cut production, driving up the world price of oil to $1 05 for 2015
The price in 2016 is uncertain, as other Gulf states have indicated their willingness to increase output to counter the actions of the above – mentioned Oil Minister Coquillebelieves that the price of oil could be any of five different values all of which are equally likely. The prior probability distribution of oil prices for 2016 looks like price Probability$0.55 0.25080 0.2$105 0.2$1. 30 0.2$1.55 0.2How much will Coquille plan to extract in 2015? ( Bear in mind that the price in 2015 is expected to remain $1 05 )1 . Fewer than 25 units2. At least 30 units but fewer than 35 units3. At least 35 units but fewer than 40 units4. At least 25 units but fewer than 30 units5. At least 40 units. Get Economics homework help today
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