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Suppose that the short-run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short -run equilibrium quantity is 23.84 billion barrels per year (bb/yr).
(i) Derive the linear demand and supply equations.
(ii) The opening of a new pipeline is expected to add to oil supply. If the crude oil supply increases by 0.5 bb/yr, what will be the new world price and quantity of oil?
(iii)Did total oil production increase by 0.5bb? If not, explain why (hint: it does not) and use a graph of Supply and Demand illustrating this.
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Ask question #Min1) Illustrate and explain the changing demand for big Mac using the indifference curve and budget line.imum 100 words accepted#
The word length should be between 1200 to 1600 words. Please submit a hard copy with a coversheet to the lecturer at the commencement of class in Week 8. Find and read the Judgm
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in the keynesian model the price is assumed to be what? a.exogeneous and remaaining constant b. endogeneous and remaining constant which is correct?
I have an assignment need to be done
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
bains limit price
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