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Satsume Satsume
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6 years ago
Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515, respectively.  The current long-run equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year.  Derive the linear long-run demand and supply equations.  Next, suppose the long-run supply curve you derived above consists of competitive supply and OPEC supply.  If the long-run competitive supply equation is: SC = 7.78 + 0.29P, what must be OPEC's level of production in this long-run equilibrium?
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Microeconomics

Microeconomics


Edition: 8th
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Bart_argBart_arg
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6 years ago
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Satsume Author
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6 years ago
Thank you, thank you, thank you!
ediblefruitz
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Yesterday
Good timing, thanks!
AlahuKakpar
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2 hours ago
Thanks
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