Economics

Answer the questions below (1 ) The solid ground petroleum market is get up for bythe following demand and supply modelDemand : QD degree Celsius - 0 .4PSupply : QS 55 0 .6PWhere Q is crude oil color consumed and supplied in billion of barrel per day (mbp ) andisthe market price per barrela . Find the existence rest price and step demandedQD QS snow - 0 .4P 55 0 .6P100 - 55 0 .6P 0 .4PP 45The balance wheel price of oil is 45 units per barrelQD 100 - 0 .4P 100 - 0 .4 (45 100 - 18QD 82The quantity demanded is 82 million of pose per dayA cosmea in fiscal crisis leads to a global recession that slows world economic growth tonear zero , as a settle power world oil demand light ups by 2 mbpb . Find the sassy world equilibrium price and quantity demanded of crude oilQD 100 - 0 .

4PDecrease of 2 to QD , thenQD 100 - 2 - 0 .4PQD 98 - 0 .4PQD QS98 - 0 .4P 55 0 .6P98 - 55p43The new equilibrium price of oil is 43 units per barrelQD 98 - 0 .4 (43 98 - (17 .2 80 .8The new quantity demanded is 80 .8 million of barrels per dayLeading OPEC producers alarmed by the fall in oil prices and the collapsed of governmentrevenues from oil exports , argued for cuts in oil take . As a result , OPEC oil ministersagreed to cut production...If you requisite to get a unspoiled essay, order it on our website: OrderCustomPaper.com

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