Homework Answers
The prohibition of any new oil exploration will negatively affect the supply of oil and the supply oil will decrease, this will put upward pressure on the price of gasoline. This is because of the crude oil is used to make the petroleum , we know that the oil is a non-renewable resource and if there is no new oil exploration it will limit the production of petroleum so gradually the demand for the petroleum outweighs the supply so the price will increase.
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7. _DO NOT GRADE How will prohibiting any new oil exploration in Alaska affect the price...
How does the price elasticity of supply affect this commodity（Oil）
How does the price elasticity of supply affect this commodity（Oil）
Write a history on how GFC affect the price of crude oil from 1990- 2018. (200-300...
Write a history on how GFC affect the price of crude oil from 1990- 2018. (200-300 words)
Use the IS/LM/PC model diagram to illustrate how a reduction in the oil price might affect...
Use the IS/LM/PC model diagram to illustrate how a reduction in the oil price might affect the economy in the short and medium term. For simplicity assume that the economy was initially in equilibrium.
Show graphically how each of the following will affect equilibrium price of electricity and why: a....
Show graphically how each of the following will affect equilibrium price of electricity and why: a. Consumers become more energy-conscious b. A decrease in per capita income c. A decrease in supply of electricity d. A decrease in prices of energy resources (coal, oil and natural gas)
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...
3. Understanding changes in equilibrium price and quantity Suppose you are an analyst in the oil...
3. Understanding changes in equilibrium price and quantity 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 oil include household income, the price of an oil furnace (a complementary good for heating oil), and the price of natural gas (a substitute...
What is the relationship between the price of crude oil and the price you pay at...
What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The accompanying table shows the prices of crude oil and the price you pay at the pump for 24 consecutive months. Complete parts (a) through (h) below. Month Crude_Oil Gasoline 1 75 1.858 2 76 1.477 3 75 1.372 4 76 1.204 5 75 2.344 6 75 2.424 7 78 1.399 8 81 1.296 9 74 1.496 10 79 1.196...
2. A new reading program was being evaluated in the fourth grade at an elementary school....
2. A new reading program was being evaluated in the fourth grade at an elementary school. A random sample of 35 students was tested on a fixed-length reading passage in order to measure their reading speed. The average reading time of the sample of 35 students was 9.5 minutes with a standard deviation of 2.5 minutes. A. Estimate the mean reading speed for all fourth-grade students in this clementary school. Use a 95% confidence level. (15) B. If a larger...
1) Suppose the Marginal Benefit and Marginal Cost for crude oil at any given period is: ...
1) Suppose the Marginal Benefit and Marginal Cost for crude oil at any given period is: M B = 159 − 2.1 Q a n d M C = 36 + 0.9 Q Where price is measured in dollars and quantity is measured in barrels. The total oil reserve is 50 tons. What is the Optimal barrels of oil that should be extracted in the current period (suppose we don’t need to be concerned with any future periods) 2) Now,...
DUBAI, March 7 (Reuters) - Saudi Arabia slashed its official selling price (OSP) for April for...
DUBAI, March 7 (Reuters) - Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations, after OPEC's oil supply cut pact with Russia fell apart on Friday, sending oil into a tailspin. State oil giant Saudi Aramco has set its Arab light crude oil to Asia for April at a discount of $3.10 to the Oman/Dubai average, down $6 a barrel from March, the company said in a statement late on Saturday....
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...
3. Understanding changes in equilibrium price and quantity 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 oil include household income, the price of an oil furnace (a complementary good for heating oil), and the price of natural gas (a substitute...
2. A new reading program was being evaluated in the fourth grade at an elementary school. A random sample of 35 students was tested on a fixed-length reading passage in order to measure their reading speed. The average reading time of the sample of 35 students was 9.5 minutes with a standard deviation of 2.5 minutes. A. Estimate the mean reading speed for all fourth-grade students in this clementary school. Use a 95% confidence level. (15) B. If a larger...
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