The last of California’s operating gold mines closed after World War II because mining had become unprofitable when the price of gold was $34.71 an ounce (about $446 in current dollars). However, in 2012, the price of gold approached historic highs, hovering around $1,700 an ounce. Consequently, in 2012 and 2013, several large-scale hard rock gold mining operations reopened for the first time in more than half a century. a. Show in a figure what this information implies about the shape of the gold extraction cost function.b. Use the cost function you drew in part a to show how an increase in the market price of gold affects the amount of gold that a competitive firm extracts. Show the change in the firm’s equilibrium profit.
The last of California’s operating gold mines closed after World War II because mining had become unprofitable when the price of gold was $34.71 an”
by | Mar 12, 2022 | Uncategorized
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