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Aug 3, 2024, 4:20:56 PM8/3/24
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The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the price/average cost ratio understates the price/marginal cost ratio when fixed costs are present. In particular, in free-entry equilibrium, where revenue equals cost, the price/average cost ratio is always one, while the price/marginal cost ratio may be above one. The idea here is to calculate marginal cost as the ratio of the adjusted expenditure on inputs to the adjusted change in output. The first adjustment is to remove the change in expenditure that arises from the changes in input costs. The second adjustment is to remove the change in output attributed to productivity growth. Application to KLEMS productivity data finds a typical markup ratio of 1.3. Markup ratios grew between 1988 and 2015. For mega-firms, the paper uses employment at firms with 10,000+ workers. Substantial heterogeneity occurs across sectors and in growth rates. There is no evidence that mega-firm-intensive sectors have higher price/marginal cost markups, but some evidence that markups grew in sectors with rising mega-firm intensity.

Individual dining plans are to be purchased by individuals, for individuals. You may, on occasion, take a guest to join you for a meal; however, buying a dining plan to be used collectively by more than one individual, or used to pay for other individual's meals on a recurring basis, is a conduct violation and will be dealt with accordingly.

Although not required, thousands of off-campus students purchase one of those options each year for the convenience of being able to eat on campus. Which plan is appropriate, will depend on your class schedule and budget. Details are available below for our Flex Dining Plans.

Dining Services offers four Flex Dining Plans: Minor, Major, Mega, and Premium. Students living on-campus are required to purchase either the Major, Mega, or Premium Flex Dining Plans. (Note: The funds in Flex Dining Plan are called Flex Dollars, which are a different dining option than Dining Dollars, which are explained below.)

Included in the price of each Flex Plan is a base cost that covers the utilities, maintenance, repairs, and labor for our dining centers. For the Major, Mega, and Premium Flex plans, the base cost is $1,784.50. For the Minor Flex plan, the base cost is $892. The remaining balance, called Flex Dollars, can be used at our dining centers and receive a discount on each purchase. Flex Plans get a 67 percent discount at D2, an all-you-care-to-eat venue in Dietrick Hall, and 50 percent off the cash price at all other venues.

Students can also make deposits to Flex Additions to supplement their Major, Mega, or Premium Flex Plans. Flex Additions deposits of up to $1,500 per semester are permitted. Flex Additions receive the same discounts as the starting balance of Flex Dollars. Flex Additions cannot be added to Minor Flex Plans. Minor Flex plan holders can only deposit Dining Dollars and are not eligible for Flex Additions. (Unlike the starting balance of a Flex Dining Plan, unspent Flex Additions can be used the following semester with the purchase of a Major, Mega, or Premium Flex dining plan. Without a Major, Mega, or Premium Flex dining plan purchase, the funds would revert to Dining Dollars and roll from semester to semester until graduation.)

Students with a Flex Plan for the fall semester will automatically be assigned and billed for the same dining plan for the spring semester. (You can also change your plan at StarRez up until the day before dining plans start each semester.)

Dining Dollars work like a debit card and can be used at any of our venues on campus. The plan is available to off-campus students and employees and provides the convenience of being able to eat at our venues between or after classes or work.

This scheme cost the average American as much as $2,100 a year, according to one estimate. The orchestrator, CEO of Texas oil and gas powerhouse Pioneer Natural Resources Scott Sheffield, has used campaign contributions in Texas and Washington to amass serious influence on oil and gas policy, until now.

The FTC made its discovery while reviewing a merger between Pioneer and global oil giant ExxonMobil, a deal which the commission announced it would clear last week. But as a condition for letting the merger go through, the FTC is barring Sheffield from joining the board of the combined firm, because of evidence it obtained that Sheffield colluded with OPEC at the height of inflation to fix prices.

SHEFFIELD IS AN ICONIC FIGURE IN THE OIL BUSINESS who helped jump-start the shale revolution in the U.S. over the past decade, bringing the industry new windfalls and the promise of energy independence.

With political clout, Sheffield secured favorable regulatory and tax treatment for fossil fuels and opposed climate change policies such as the cap-and-trade bill in 2010. But perhaps his greatest political accomplishment came in 2014, when he just about single-handedly managed to lobby congressional approval to lift a long-standing ban on U.S. crude oil exports.

The ban had been in place for national-security purposes to ensure that the country would have enough domestic supply if geopolitical tensions erupted in the Middle East, like during the 1970s oil crisis. But the ban got in the way of booming U.S. oil production during the shale revolution, and was keeping consumer prices lower than they might be if producers could spread that demand globally. So Sheffield went to work, and got a repeal of the ban passed through Congress and signed by Barack Obama.

When the pandemic hit, Sheffield used his connections to get a rule proposed in front of the Texas railroad commission that would have instituted quotas on production in the state. Despite his best efforts, the rule faced enormous opposition from most of the oil and gas producers, including Exxon, which were mostly skittish about a dramatic government intervention not seen since the 1970s.

When that plan failed, Sheffield then personally lobbied President Trump to use his leverage with OPEC to get them to pull back production and limit global supply. President Trump obliged, and OPEC did constrain supply, though to a lesser extent than Sheffield had hoped, as Texas Monthly reported.

The Li Auto Mega large MPV launched in China with a 710 km range, a 10-80% charging speed in 10 minutes, and a starting price of 559,800 yuan (77,800 USD). It is the first electric vehicle from Li Auto with lots of tech on board. Deliveries of the Mega will start on March 11.

Li Auto Mega is a large vehicle with a futuristic styling. It has a sloped bonnet line that merges into the A-pillars. Other features of the exterior are a sleek roofline, hidden door handles, a LiDAR on the roof, and sliding rear doors. Thanks to its exterior design, the Mega has a drag coefficient of 0.215 Cd. It is better than the Porsche Taycan number of 0.220 Cd. So, the Li Auto Mega currently has the best aerodynamics among multi-purpose vehicles.

Inside, the Li Auto Mega has seven seats with a 2+2+3 layout. Its center console has the Li Auto signature screen arrangement with two 15.7-inch monitors, a thin touch screen on the steering wheel, and a large AR-HUD. The heads-up display can project the image from the side-view cameras. This multimedia system is powered by the Snapdragon 8295P SoC from Qualcomm.

The Li Auto Mega is equipped with the AD Max autonomous driving system that comprises two Nvidia Orin-X chips with a combined computing power of 508 TOPS. It also has a LiDAR sensor from Hesai, 11 cameras, 12 ultrasonic radars, and a millimeter wave radar. Thanks to the advanced hardware, the Li Auto Mega supports full-scenario Navigation on Autopilot (NOA) system. It can drive on its own on urban roads and highways. The driver, though, still needs to monitor the process.

The Li Auto Mega has two electric motors with a combined peak power of 400 kW. It has the synchronous permanent magnet e-motor in the rear axle for 245 kW and the asynchronous induction motor in the front for 155 kW. The combined torque of the system is 542 Nm. Thanks to this power output, the 2.7-ton Mega speeds up to 100 km/h in 5.5 seconds. The top speed is limited to 180 km. Another benefit of this system is an energy consumption of 15.9 kWh/100km.

The main feature of the Li Mega is the Qilin 5C ternary NMC battery from CATL on board. Its cell cycle life was enhanced by over 50%. It has a capacity of 102.7 kWh, good for 710 km of CLTC range (575 km WLTC). The rated charging power of the Mega reaches 400 kW, while the peak charging power is over 520 kW. As a result, it can charge 10%-80% in 10 minutes.

The Li Auto Mega is available in a single trim level for 559,800 yuan (77,800 USD). In China, it will compete with Hongqi HQ9, Zeekr 009, Voyah Dream, and Denza D9. The deliveries of the Li Auto Mega are scheduled for March 11.

Li Auto, a company known for its Extended Range EVs, a type of hybrid, promised the Li Mega would lead the EV market in fast charging times, claiming a staggering 500 km in 11minutes. Big claims for its first pure EV.

The trunk lid opens with a gullwing design, trying to optimize space as the roof line falls to the rear. Even with the third row up, the Li Mega has 1,054 L of space and can fit four 28-in suitcases and two carry-on suitcases, beating the Xpeng X9's 755 L.

Interior materials are of a high level, Napa leather everywhere. There is still a large, fully animated Heads Up Display, now with blind spot camera feed, dual upgraded 15.8 inch 4th Gen 3K OLED infotainment screens up front, with a third larger 17 inch screen in the rear, all with Dolby Vision and all powered by the new Snapdragon 8295 High Performance CPU.

The front passenger gets a Queen seat that is able to lie fully flat without having to move the seat backwards. Seat massage for the first two rows has been upgrade from 10-point to 16-point SPA massage, adding 6-points to the seat base.

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