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- factors which could have an impact on the demand and supply ofoil in the near term. whether on balance these effects are expected to push oil prices up, down,or keep them stable..4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.What affect does the rise in renewable energy have on falling oil prices?
- factors which could have an impact on the demand and supply ofvoil in the near term. whether on balance these effects are expected to push oil prices up, down,or keep them stable..1. In which of the changes to market conditions might we be certain that the market price will increase, but without knowing whether the quantity traded will increase or decrease?a) A cold winter increases the demand for energy, and the development of renewable energy supply increases the market supply.b) A hot summer increases the demand for ice cream, but an illness among dairy cows reduces the supply of milk for making ice cream.c) A renewed lockdown reduces the demand for the restaurant sector at the same time as increasing food prices reduces the market supply.d) Awareness of skin damage causes an increase in demand for sunscreen, at the same time as the cost of raw materials is falling. 2) We would expect the demand for a brand of coffee beans to be more price elastic than the demand for bags of coffee beans because:a) Not all consumers are able to grind coffee beans.b) The market for the brand of coffee beans is much smaller than the market for all coffee beans.c) There is a…11. Which of the following is NOT a short-term concern about hydraulic fracturing (fracking)? A. Water contamination B. Decreased U.S. dependency on oil imports C. Water depletion D. Air quality
- 4. Use media reports and assess the importance of OPEC in the oil industry.5. In the following diagram D€ is the US demand curve for Euro and S€ is the US supply curve for Euro. If the exchange rate of Euro is US$1.5/€ then which of the following is true. $/€ 1.5 D€ LO 5 10 14 Se A) B) US has a balance of trade deficit of 4 billion Euro US has a balance of trade surplus of 5 billion Euro US has a balance of trade deficit of 2 billion Euro C) D) US has a balance of trade surplus of 9 billion Euro Answer: Q€ (billions)What is the current resource lifetime of global oil supplies?
- (NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Assume the current generation does not consider the future at all. Draw a supply and demand graph showing the equilibrium price (P) and quantity (Q) consumed by this generation showing clearly the numbers for P and Q. b. Calculate the marginal net benefit (MNB) of consumption on this period and draw the graph. Explain your answer. [Hint: to calculate the MNB, convert the supply and demand curves as a function of quantity, P = f(Q)] c. Assume that the next generation will have the same demand. Supply for both generations is only 250 million barrels. Interest rate (r) is 5%. Calculate the efficient allocation of resources between the two generations. Thank you Bartleby for the help! I really need it!Economics is a science describing the use of scarce resources to satisfy needsand unlimited wants. (a) Discuss how supply and demand for shipping tonnage affect freight rates in theshipping industry. (b) Justify the inelastic demand nature for shipping by sea. (c) Inelastic supply drives freight rates up. Explain.D3) Finance a) What does import value mean? b) if the Import value is at 3000$ USD in 2017 what does this imply? (does it mean higher demand? is the product profitable?)
