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Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. Assume that the supply and demand curves for oil are linear. The current estimates of the price elasticity of supply and demand in the U.S. are ? = 1 and e = -.2 respectively. Assume that the supply and demand curves for oil are linear. In other words, supply can be expressed as S(p) = a + bp, and demand as D(p) = e - fp.
a) Derive the intercept and slope of the supply curve, a and bb) Derive the components of the demand curve, e and f
Now assume that the U.S. government has decided to purchase and additional 2 million barrels of oil per day and put it into the strategic petroleum reserve. In other words, this additional oil is pumped into the ground and not circulated in the existing U.S. oil market.
c) Draw (using supply and demand curves) the impact of this new governmentpolicy on the U.S. oil market.d) Calculate the new equilibrium price resulting from the government's new policy.
Given an economy that is described by the following equations: C=2,000+0.8(1-t)Y t=0.25 I=800-200i G=1200 L=0.2Y-100i M=45,000 P=150 What equation describes the goods market equilibrium
An analysis of stock market manufactures the following data about the returns of two stocks.
Elaine as senior partner can make a take-it-or-leave it offer to her junior partner John to undertake a project and split the profits of $10,000. She considers just two offers: an 80-20 split (favoring Elaine), or a 50-50 split.
Quantity.Price .Total Revenue. Marginal Revenue 0 55 10 50 20 45 30 40 40 35 50 30 Please find TR and MR
Explain why we are using per capita data for food rather than the total value as the dependent variable and examine the residuals of your estimated equation to determine whether any of your years might be considered an outlier in the regression.
The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total r..
Assume that Y = real GDP. Then from the expenditure approach, Y = C I G NX. On p. 306 Exhibit 14.10 of the textbook, all C, I, G, and NX are the non-price determinants of AD. Suppose we use C, I, G, and NX as indicators during business cycles, the..
The demand for Wanderlust Travel Services (X) is estimated to be Qx = 22,000 - 2.5Px + 4Py - 1M + 1.5Ax, where Ax represents the amount of advertising spent on X and the other variables have their usual interpretations. Suppose the price of good X..
determine the present equivalent value of $400 paid every three months over a period of seven years in each of the follwing situations: a) the interest rate is 12% componded annualy. b) the interest rate is 12% compounded qarterly.
When testing whether each of independent variables in a multiple regression equation is statistically significant in describing variations in the dependent variable,
If the price of blue toy cars is $5 and the price of pink toy cars is $2, then which of the following consumers will make the same choices if their income is the same (assuming maximization of income) Gloria, utility is U(b,p) = b^2 * p
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
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