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Suppose that you have been hired as an economic consultant

Question # 00541643
Subject: Economics
Topic: Microeconomics
Due on: 06/07/2017
Posted On: 06/07/2017 01:42 AM

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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.

Price ($/barrel)

Quantity Demanded

(millions of barrels/day)

Quantity Supplied (millions of barrels/day)

10

60

20

20

50

30

30

40

40

40

30

50

50

20

60

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:

- What do we call the gap between the quantity demanded and quantity supplied?

- What is its value?

- What is your advice to return to the equilibrium situation?

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Suppose that you have been hired as an economic consultant

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