According to the World View,
WORLD VIEW
Oil Spikes on OPEC Pact
VIENNA, December 1—Oil prices spiked 14 percent, closing at a 17-month high of $51.68 a barre; on Friday. The surge in oil prices is a reaction to Wednesday’s OPEC agreement to cut production for the first time since 2008. The 13 OPEC member states agreed to cut production by 1.2 million barrels a day, down from the current rate of 33.6 million barrels.
Instructions: Round your responses to two decimal places.
a. By what percentage did the price of oil increase after OPEC’s announcement? ____percent
b. By what percentage was the quantity supplied reduced? ____percent
c. What was the price elasticity of demand? (use the midpoint method) _____
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According to the World View, WORLD VIEW Oil Spikes on OPEC Pact VIENNA, December 1—Oil prices...
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