Homework Answers
a) The equilibrium price in the US market is $70. and the equilibrium quantity is 20.
b) At a price ceiling of $75 there will be surplus of 4 million barrels of oil in the market.
c) Quantity supplier will determine how much oil is purchased if the price ceiling is below the $70.
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Please help me with my economics homework?
10. Suppose that the world price of oilis $70...
Please help me with my Econ homework? Suppose that the world price of oil is $80...
Please help me with my Econ homework?
Suppose that the world price of oil is $80 per barrel and that the United States can buy all the oil it wants at this price. Suppose also that the demand and supply schedules for oil in the United States are as follows 9. Market for Crude Oil U.S. Quantity U.S. Quantity ($ per Barrel) Demanded 26 24 Supplied 60 65 70 75 16 18 20 18 1.) Using the mutipoint curve drawing...
If the united States is currently importing 14 million barrels per day at a world price...
If the united States is currently importing 14 million barrels
per day at a world price of $4.00 per unit, what is the effect on
imports of a tax equal to $16 per unit?
Please help me with 1 - 3. I need to know where exactly to
coordinate the lines.
If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on...
QUESTION 8.5 Suppose that President Clinton has recently recommended that the U.S. should use some of...
QUESTION 8.5 Suppose that President Clinton has recently recommended that the U.S. should use some of the strategic oil reserves (oil stored underground and owned by the United States government) in order to solve the U.S. oil supply problem. Assume that quantity demanded in the short-run is inelastic at 1 million barrels per day. The quantity supplied (per day) is equal to 700,000+ 10,000P (where P is the price for a barrel of oil). a. What would be the current...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oll include household income, the price of an oil furnace (a complement to heating oil), and the price of natural gas (a...
EQUILIBRIUM CALCULATOR: MARKET FOR HEATING OIL PRICE (Dollars per barrel] 80 Price of Heating Oil 30...
EQUILIBRIUM CALCULATOR: MARKET FOR HEATING OIL PRICE (Dollars per barrel] 80 Price of Heating Oil 30 Dollars per barrel) Quantity Demanded Thousands of barrels/day] Shortage 70 100 Quantity Supplied 60 60 Thousands of barrels/day) 50 40 Surplus Thousands of barrels/day) Thousands of barrels/day) 40 DEMAND SHIFTERS SUPPLY SHIFTERS 30 Price of Natural Gas [Dollars per 1,000 cubic ft.] Cost of Crude Oil Per barrel of heating oil] 10 25 20 Price of an Oil Furnace [Dollars per furnace] Cost of...
The following graph shows the domestic market for oil in the United States, where Sp is...
The following graph shows the domestic market for oil in the United States, where Sp is the domestic supply curve, and Dp is the domestic demand curve. Assume the United States is considered a large nation, meaning that changes in the quantity of its imports due to a tariff influence the world price of oil. Under free trade, the United States faced a total supply schedule of SD+w, which shows the quantity of oil that both domestic and foreign producers...
please help explain 4 19 0 25 15 complete brum Market for Tennis Shoes The diagram...
please help
explain
4 19 0 25 15 complete brum Market for Tennis Shoes The diagram on the right shows the market for tennis shoes in the United States. If the United States does not made with other countries, what are the price and quantity of tennis shoes? The equilibrium prices and the equilibrium quality is million pairs of shoes Suppose the United States opens to free trade with other countries and the world is $40 per often shoes What...
5. Suppose the world price of steel is $120 per ton and that the U.S. can...
5. Suppose the world price of steel is $120 per ton and that the U.S. can buy all the steel it wants at this price. The daily demand and supply schedules for millions of tons of steel in the U.S. are as follows: Price ($ p/ton) U.S. Quantity Demanded U.S. Quantity Supplied 110 26 14 120 24 16 130 22 18 140 20 20 150 18 22 Draw the Demand and Supply curves. With free trade in steel, what price...
Suppose that a country imports 2 billion barrels of crude oil per year and domestically produces...
Suppose that a country imports 2 billion barrels of crude oil per year and domestically produces another 4 billion barrels of crude oil per year. All the domestic production is consumed by domestic consumers (i.e. there are no exportations). The world price of crude oil is $80 per barrel. Assuming linear demand and supply schedules, economists estimate the price elasticity of domestic supply to be 0.3 and the price elasticity of domestic demand to be -0.15 at the current equilibrium....
Please help me with my economics homework? 20. Market for Telephone Calls Anna is separated from...
Please help me with my economics homework?
20. Market for Telephone Calls Anna is separated from her boyfriend, John, while she studies economics and he goes to art school. The government thinks that Flash Telecommunications, Anna's phone company, needs subsidization, so a price floor4 is instituted at $16 per minute Price per minute (S) Quantity Supplied per Month 28 12 Price per Minute Quantity Demanded per Month 14 $18 12 28 Use the data in the table above to draw...
Please help me with my Econ homework?
Suppose that the world price of oil is $80 per barrel and that the United States can buy all the oil it wants at this price. Suppose also that the demand and supply schedules for oil in the United States are as follows 9. Market for Crude Oil U.S. Quantity U.S. Quantity ($ per Barrel) Demanded 26 24 Supplied 60 65 70 75 16 18 20 18 1.) Using the mutipoint curve drawing...
If the united States is currently importing 14 million barrels
per day at a world price of $4.00 per unit, what is the effect on
imports of a tax equal to $16 per unit?
Please help me with 1 - 3. I need to know where exactly to
coordinate the lines.
If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on...
QUESTION 8.5 Suppose that President Clinton has recently recommended that the U.S. should use some of the strategic oil reserves (oil stored underground and owned by the United States government) in order to solve the U.S. oil supply problem. Assume that quantity demanded in the short-run is inelastic at 1 million barrels per day. The quantity supplied (per day) is equal to 700,000+ 10,000P (where P is the price for a barrel of oil). a. What would be the current...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oll include household income, the price of an oil furnace (a complement to heating oil), and the price of natural gas (a...
EQUILIBRIUM CALCULATOR: MARKET FOR HEATING OIL PRICE (Dollars per barrel] 80 Price of Heating Oil 30 Dollars per barrel) Quantity Demanded Thousands of barrels/day] Shortage 70 100 Quantity Supplied 60 60 Thousands of barrels/day) 50 40 Surplus Thousands of barrels/day) Thousands of barrels/day) 40 DEMAND SHIFTERS SUPPLY SHIFTERS 30 Price of Natural Gas [Dollars per 1,000 cubic ft.] Cost of Crude Oil Per barrel of heating oil] 10 25 20 Price of an Oil Furnace [Dollars per furnace] Cost of...
The following graph shows the domestic market for oil in the United States, where Sp is the domestic supply curve, and Dp is the domestic demand curve. Assume the United States is considered a large nation, meaning that changes in the quantity of its imports due to a tariff influence the world price of oil. Under free trade, the United States faced a total supply schedule of SD+w, which shows the quantity of oil that both domestic and foreign producers...
please help
explain
4 19 0 25 15 complete brum Market for Tennis Shoes The diagram on the right shows the market for tennis shoes in the United States. If the United States does not made with other countries, what are the price and quantity of tennis shoes? The equilibrium prices and the equilibrium quality is million pairs of shoes Suppose the United States opens to free trade with other countries and the world is $40 per often shoes What...
Please help me with my economics homework?
20. Market for Telephone Calls Anna is separated from her boyfriend, John, while she studies economics and he goes to art school. The government thinks that Flash Telecommunications, Anna's phone company, needs subsidization, so a price floor4 is instituted at $16 per minute Price per minute (S) Quantity Supplied per Month 28 12 Price per Minute Quantity Demanded per Month 14 $18 12 28 Use the data in the table above to draw...
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