Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
Question
Chapter 10.5, Problem 1GE
To determine

The successfulness of the OPEC in controlling the supply of oil.

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Give an example of supply and demand market price changes have experienced or have learned about through the news media during or after a hurricane, typhoon, tsunami, fire, flood, mudslide, earthquake, or other natural disaster. If prices went up, did you think it was fair? Did you think it was ethical?   If you did not personally experience the disaster, put yourself in the shoes of someone who did, and answer the questions hypothetically.
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  • Ma3. 15) The US. has run down the nation's SPB, Strategic Petroleum Reserve, to levels not seen it since March 1984! At1.0million bbls per day, what was the impact on the global oil price if there was no countermeasure employed by OPEC+? Knowing that Russian oil production has declined and is expected to be1.1million bbls per day less than prewar levels AND the 1.0 million bbls per day that are coming off the market due to the end of the SPB release-let's say in March 2023. What do you expect to happen to the price of oil?
    A AWB Company is interested in obtaining quick estimates of the supply and demand curves for coal.  The firm's research department informs you that the elasticity of supply is approximately 1.7, the elasticity of demand is approximately -0.85, and the current price and quantity are $41 and 1,206, respectively.  Price is measured in dollars per ton, quantity the number of tons per week. Estimate linear supply and demand curves at the current price and quantity. Illustrate both curves on a diagram.                                                                                 What impact would a 10% increase in demand have on the equilibrium price and quantity? Illustrate this impact on similar diagram in part (i)  If the government refused to the price increase when demand increased in (ii) above,how much shortage is created?. Mark the shortage on the diagram in part (ii)
    Price(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of     bottles of water.      Without the antiprice gouging law, consumers would have to pay   $   more than the ceiling price, but they would be able to buy     more bottles of water.
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