One of the worst oil disasters in history occurred on April 20, 2010, when the Deepwater Horizon oil drilling rig exploded in the Gulf of Mexico. One of the most severely affected industries along the Gulf Coast by the oil spill was the oyster fishing sector. What impact will this oil spill have on the following? a. The cost of oysters b. the oyster fishermen's marginal product c. Demand for oyster fisherman

On $20$ April $2010$, the Deepwater Horizon drilling rig exploded in the Gulf of Mexico, killing $11$ workers and causing an oil spill that became the worst environmental disaster in US history. Following the explosion the Deepwater Horizon sank to the bottom of the Gulf after burning for $36$ hours.

The US Coast Guard quickly became involved with the incident, putting a crisis management plan into place. Environmental experts raised concerns that the Macondo well Deepwater Horizon was drilling could be releasing up to $40000$ barrels of oil per day into the sea. A few days after the disaster, oil from the leaking well began washing ashore in Louisiana; fragile coastal wetlands were inundated with thick, brown mud and beaches were covered in black tar.

BP made a number of vain attempts to cap the leaking well until it finally stopped the leak in July. $\mathrm{BP}$, under considerable political pressure, announced in June that it would place $\$ 20$ billion in a fund to compensate victims of the oil spill and said it would not pay a shareholder dividend in $2010$. By early July $\mathrm{BP}$'s share price had fallen by $50 \%$ since the start of the crisis. The $\mathrm{BP}$ CEO, Tony Hayward, came under pressure because of his perceived mishandling of the crisis. $\mathrm{BP}$ seemed to have no effective contingency plan to deal with the crisis. Tony Hayward was eventually forced to resign.

Outline the key steps $\mathrm{BP}$ would have gone through to produce a contingency plan for a crisis such as the Deepwater Horizon.

In April 2010, the worst oil spill ever recorded occurred when an explosion and fire on the Deepwater Horizon offshore oil-drilling rig left 11 workers dead and began releasing oil into the Gulf of Mexico. One of the attempts to contain the spill involved pumping drilling mud into the well to balance the pressure of escaping oil against a column of fluid (the mud) having a density significantly higher than those of seawater and oil. In the following problems, you may assume that seawater has a specific gravity of 1.03 and that the subsea wellhead was 5053 ft below the surface of the Gulf. a) Estimate the gauge pressure (psig) in the Gulf at a depth of 5053 ft. b) Measurements indicate that the pressure inside the wellhead is 4400 psig. Suppose a pipe between the surface of the Gulf and the wellhead is filled with drilling mud and balances that pressure. Estimate the specific gravity of the drilling mud. c) The drilling mud is a stable slurry of seawater and barite (SG = 4.37). What is the mass fraction of barite in the slurry? d) What would you expect to happen if the barite weight fraction were significantly less than that estimated in Part (c)? Explain your reasoning.

What industries would be most affected when an oil spill occurs in the Gulf of Mexico?

Read this excerpt of Senate Document 105-14 entitled “How Our Laws Are Made” and complete questions 1 and 2.

“Laws may be initiated in either chamber of Congress, the House of Representatives or the Senate. For this example, we will track a bill introduced in the House of Representatives. When a representative has an idea for a new law, s/he becomes the sponsor of that bill and introduces it by giving it to the clerk of the House or by placing it in a box, called the hopper. The clerk assigns a legislative number to the bill, with H.R. for bills introduced in the House of Representatives and S. for bills introduced in the Senate. The Government Printing Office (GPO) then prints the bill and distributes copies to each representative.”

1. The first step for a new law is

James L. Ziemer, the CEO of Harley-Davidson, had total remuneration of $1,350,000 in 2007 (salary, bonuses, and other compensation), whereas Roy Williams, the CEO of the nonprofit Boy Scouts of America, received total compensation of$1,576,600. How can a successful for-profit firm like Harley-Davidson justify paying its CEO the same amount as the CEO of the Boy Scouts, a non-profit organisation?

For a certain firm, $M R P_L=\$ 50$ and $M R P_K=\$ 100$ and $P_L=\$ 10$ ,  $P_K=\$ 20$.. a.Is the business optimising its profits? If not, why not? b. Specify one move that might boost this company's profits.

The land value in Orlando, Florida increased significantly once Disney constructed its theme park there. What justifies the rise in land prices?

The football coach is frequently the highest-paid member of the faculty at various universities. What would you say about this?

Assume that you and two other residents share a home with a large lawn that needs to be groomed. Instead of splitting the labour and doing it yourself, one of your roommates, who despises working outside, recommends paying the neighbor's daughter $40 per week to mow the grass. How would you choose who would trim the lawn? What criteria would you use to make your decision? What compromises are being made?

The average weekly wage for production and nonsupervisory workers in the education and healthcare sectors was $638 in January 2010, up from$440 in the same month a decade earlier, according to the Bureau of Labor Statistics. With all else being equal, such a wage increase would be predicted to decrease the demand for labour and result in a decline in employment. Instead, more than 4 million jobs were added between 2000 and 2010 as a result of the huge increase in labour demand. How do you account for this seeming contradiction?

At a distance of 12.0 m from a point source, the intensity level is measured to be 70 dB. At what distance from the source will the intensity level be 40 dB?

A 2.00-kg mass attached to a spring is displaced $8.00 \mathrm{~cm}$ from the equilibrium position. It is released and then oscillates with a frequency of $4.00 \mathrm{~Hz}$ b) What is the speed of the mass when it is $2.00 \mathrm{~cm}$ from the equilibrium position?

In an experiment, a 2-kg mass is suspended from a spring. The displacement of the spring-mass equilibrium from the spring equilibrium is measured to be 50 cm. If the mass is then displaced 12 cm downward from its spring-mass equilibrium and released from rest, set up (but do not solve) the initial value problem that models this experiment. Assume no damping is present.