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Suppose that the world price of oil is roughly $60 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14bb/yr from OPEC. Statistical studies have shown that the long-run price elasticity of demand for oil is -0.40, and the long-run competitive price elasticity of supply is 0.40. Using this information, derive linear demand and competitive supply curves for oil.
Let the demand curve be of the general for Q=a-bP and the competitive supply curve be of the general form Q=c+dP, where a, b, c, and d are constants.
The equation for the long-run demand curve is: ______
The equation for the long-run competitive supply curve is: _____
Why does hedging usually take place with a forward contract.
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Suppose that each person has playing cards numbered 8 and 6. Playing the 6 "pulls" $6 (from the experimenter's reserve) into one's own earnings, and playing the 8 "pushes" $8 (from the experimenter's reserve) to the other person's earnings. Draw the ..
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