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Question: Suppose that you have been hired as an economic consultant by OPEC and given the following schedule showing the world demand and supply for oil.
Your advice is needed on the following questions (use the diagram):
1- What is the price, quantity of supply and quantity of demand in equilibrium situation?
2- If the price raises from $20 to $30 a barrel, will the total revenue from oil sales increase or decrease?
3- What are the values of the price elasticity of booth demand and supply for price changes from $20 to $30 a barrel?
4- If the price of oil degrease from equilibrium price $30 to new price $20 then:
5- What do we call the gap between the quantity demanded and quantity supplied?
6- What is its value?
7- What is your advice to return to the equilibrium situation?
Consider the function f(x)=kx/(100-x), where f(x) is the cost incurred to remove x% of a pollutant from an environment. Examine the behavior near the vertical asymptote, and discuss the ramifications behind this.
A total of 393 tickets were sold for the school play. They were either adult tickets or student tickets. The number of student tickets sold was two times the number of adult tickets sold . How many adult tickets were sold?
A rectangle is laced around a semicircle as shown below. The length of the rectangle is 10 mm. Find the area of the shaded region
The Z-Score can be thought of as the distance the sample statistic is from the hypothesized population parameter measured by the number of standard errors.
Determine the consumers' surplus if the wholesale market price is set at $12/unit. (Round your answer to two decimal places.)
A recipe that makes 7 servings calls for cups of juice. How many cups of juice are there per serving?
MANUFACTURING-COLD FORMULA PRODUCTION Beyer Pharmaceutical produces three kinds of cold formulas: I, II, and III. It takes 2.5 hr to produce 1000 bottles.
one side of a rectangle is 4 times the other ,and he perimeter is not to exceed 140 . find the possible value of x the lengh of the smaller side
This force can be written as the sum of a vector parallel to the displacement, plus a vector orthonal to the displacement. Give the vector component of the force that acts orthogonal to the displacement.
high temperatures in certain city in the month of august follow uniform distribution over the interval 60-85 f. what is
a rectangle has a diagonal that measures 10 centimeters and a length that is 2 centimeters longer than the width. what
What is the probability that Xn will visit all the points in the set {1,2,3,4} at least once during the time-interval n ∈ {0,...,10}? (Note: write your answer as a sum of binomial coefficients; you don't have to evaluate it any further.)
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