Business, 14.02.2020 05:04 brendanholly123

Consider the world market for oil, discussed in Example 2.9
Recall that the short-run world oil demand equation is:

Qequals=33.6minus−0.02P,

the short-run total oil supply equation is:

Qequals=31.05plus+0.012P,

the initial equilibrium price is

Pequals=$79.6979.69

(dollars per barrel), and the initial equilibrium quantity is

Qequals=32.0132.01

billion barrels per year (bb/yr).

Saudi Arabia is one of the world's largest oil producers, accounting for roughly 3 bb/yr, which is nearly 10 percent of total world oil production. What would happen to the price of oilif, because of war or political upheaval, Saudi Arabia reduced oil production by

2.502.50

bb/yr?

Answers: 1

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Consider the world market for oil, discussed in Example 2.9
Recall that the short-run world oi...