What is the long run demand and long run non-opec supply

Assignment Help Business Economics
Reference no: EM13833629

Assuming: Price is $80 demand and total supply is 32, OPEC supply is 13 and Non-OPEC supply is 19. Short run world demand Price elasticity is -0.5, long run is -0.30. The short run OPEC price elasticity is .05 and the long run is 0.30. What is the long run demand and the long run non-OPEC supply?

Reference no: EM13833629

Questions Cloud

What is mutant bacteriophage : What is Mutant bacteriophage
Write an equation for the hyperbola. : Write an equation for the hyperbola.
The registrar of a large university knows : The registrar of a large university knows that 30% of the students come to college with credit for an advance placement (AP) course. The registrar is going to conduct interviews with students regarding their experiences at the university. Depending o..
Making changes to government spending and taxes : Explain how fiscal policy (making changes to government spending and taxes) would affect aggregate demand (AD).
What is the long run demand and long run non-opec supply : Assuming: Price is $80 demand and total supply is 32, OPEC supply is 13 and Non-OPEC supply is 19. Short run world demand Price elasticity is -0.5, long run is -0.30. The short run OPEC price elasticity is .05 and the long run is 0.30. What is the lo..
Explain the diversity perspective into the curriculum : In a classroom or childcare setting, how would you interweave the diversity perspective into the curriculum, environment, and discussions. Identify three resources you might use in your pursuit to create a learning environment that is welcoming to..
3 pizzas are ordered in a single telephonic order : What is the probability that more than 3 pizzas are ordered in a single telephonic order?
Explain if promoting growth within certain sectors : Explain if promoting growth within certain sectors of the American economy is a good reason for the federal government to engage
Framework into a widely accepted environmental policy : Discuss how policy makers can incorporate the Domestic Climate Policy Framework into a widely accepted environmental policy. Provide examples

Reviews

Write a Review

Business Economics Questions & Answers

  People respond to economic incentives

Suppose the U.S. government encouraged new teachers to take jobs in under-performing schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that A) people are rational. B) people respond to economic..

  Show the deadweight loss

Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indicate the profit as an area on your diagram. Show the deadweight loss.

  Explain how foreign exchange rates are determined

Explain how foreign exchange rates are determined. How do changes in interest rates, inflation, productivity, and income affect exchange rates?

  Percentage rate of return

When Betsy goes to make her list for tomorrow she is upset that she didn't get everything done. In a well-written paragraph explain the economics behind her inability.

  Competitive external market

A perfectly competitive external market for the intermediate product exists, and an imperfectly competitive external market for the intermediate product exists.

  Example of a federal reserve operating target

Which of the following is an example of a Federal Reserve operating target?

  What aspects of the current food system would an economist

How would an economist respond to the opinions expressed in this documentary? What aspects of the current food system would an economist view as a positive development?

  Tax on high-skilled labor burdens low- skilled workers

Explain in words and in diagrams how a tax on high-skilled labor burdens low- skilled workers. Which of the following taxes do you think would cause the larger excess burden? In one or two sentences explain why?

  Elasticity and engel aggregation

Define ex,I and ey,I to be income elasticities for goods x and y. Define sx and sy to be income shares for x and y.

  Elucidate the concept of the multiplier

Elucidate the concept of the multiplier, and explain the role of the marginal propensity to consume in determining the size of the multiplier.

  1 financial markets make it possible for those who

1. financial markets make it possible for those who have saved money to earn a reward by providingthe financing

  Where should you expand production

How does this alter the isocost and isoquant graph? Given these forecasts, where should you expand production?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd