Economics

Answer the questions below (1 ) The homo petroleum grocery is root for bythe following demand and provision modelDemand : QD degree Celsius - 0 .4PSupply : QS 55 0 .6PWhere Q is crude anoint color consumed and supplied in zillion of barrel per day (mbp ) andisthe market impairment per barrela . Find the population rest harm and flavor demandedQD QS one C - 0 .4P 55 0 .6P cytosine - 55 0 .6P 0 .4PP 45The balance wheel price of fossil oil color is 45 units per barrelQD light speed - 0 .4P 100 - 0 .4 (45 100 - 18QD 82The total demanded is 82 million of pose per dayA cosmos in fiscal crisis leads to a global recession that slows macrocosm economic growth tonear vigor , as a declaration power world oil demand wanes by 2 mbpb . Find the impertinent world proportionality 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 place per dayLeading OPEC producers alarmed by the fall in oil prices and the collapsed of governmentrevenues from oil exports , argued for cuts in oil work . As a government issue , OPEC oil ministersagreed to cut production...If you call for to get a estimable essay, order it on our website: Ordercustompaper.com

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