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The current world production of oil is 250 million barrels per day and the current world price of oil is N$726.10 per barrel. The price elasticity of demand (ε) is -0.2 and the elasticity of supply (η) is 0.3. Shiwa Investment is planning to enter the world oil market with a daily production of 11 million barrels of oil per day. For simplicity, assume that the supply and demand curves are linear
Calculate market price and total supply of oil after Shiwa investment has enter the world oil market and explain why the total supply of oil increases with less than 11 million.
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