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Long-run world oil demand equation

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Recall that the long-run world oil demand equation is Upper Q equals 41.6 minus 0.12 Upper PQ=41.6-0.12P and the long-run total oil supply equation is Upper Q equals 26.3 plus 0.071 Upper PQ=26.3+0.071P.

The long-run equilibrium price is $80.10 and the long-run equilibrium quanity is 31.99bb/yr. Continue to consider a 2.002.00bb/yr reduction in oil supply by Saudi Arabia. As a result of this change insupply, the long-run equilibrium price of oil would be increase/decrease by?

Reference no: EM131355274

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