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a) Draw a supply and demand graph for crude oil. Label the equilibrium P and Q. Show the consumer and producer surplus.
b) Draw a new supply and demand graph showing the original equilibrium and what happens if major new oil reserves are discovered increasing the production of oil. Label the old and new equilibrium P and Q.
c) Draw a new supply and demand graph showing what happens when world economies strengthen so that buyers need more oil.
d) If both b) and c) happened at the same time what could you say about equilibrium P and Q?
e) Draw a new supply and demand graph showing what happens in the market for fuel efficient cars if only part c) has occurred. Label both old and new equilibrium P and Q.
In early 1980s, U.S. economic policy was directed toward reducing inflation. Illustrate what would you have expected to observe during this short period of time.
Forecast Ace weather's mercury requires for January, April, July, September also December of 2007. The following actual also forecast values of mercury requires in the month of November have been recorded.
At Illustrate what level of output does AVC reach its minimum value. Illustrate what is minimum value of AVC at its minimum.
Describe one possible combination of government spending increases and tax decreases that would accomplish the same goal.
while average labor productivity increases at the same rate as it did during 1960-2009. Under this scenario, what would be the net change in real GDP per person between 2009 and 2058?
Conclude which of these three countries would be the best choice also support your answer.
Suppose that consumer price index at year-end 2011 was 150 and by tear-end 2012 had risen to 160. What will be the inflation rate during 2012?
On the grounds of economic efficiency, do you think such a proposal to raise taxes on gun and ammunition sales worthy of attention? Discuss in terms of appropriate economic models
What is the unregulated competitive equilibrium. What is the unregulated monopoly equilibrium.
Explain why do people routinely stuff themselves at â. all-you-can-eat-buffetsâ. Elucidate in terms of both utility and demand theories.
What is the difference between framework convention and a protocol? What are the advantages and disadvantages to a two-stage approach to negotians? Why do most negotiations for globl environmental regimes end up taking a two-stage approach?
The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year.
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