Explain a congressman asserts the argument

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Explain. A Congressman asserts the following argument: we need to produce more oil here in the United States. We consume 20 about million barrels of oil per day. If we promoted oil drilling in the United States, we could easily increase our domestic supply by 1 million barrels per day. This is about 5% of our consumption. The elasticity of demand is about -0.1, so 5% more supply means the price would drop by as much as 50%. This would be a great benefit to US consumers.

Reference no: EM13185759

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