Price and quantity in the market for oil

Assignment Help Microeconomics

Reference no: EM133076643 , Length: 3 pages

Assignment: Complete the following problems and provide answers, analysis, and insight into the concepts presented in each problem. Your analysis should also provide examples of the concepts presented in each problem. You should develop a 2-3-page, APA-formatted paper, providing responses and information related to:

Question: Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, sketch a supply and demand diagram to support your answer.

a. Cars are becoming more fuel efficient, and therefore get more miles to the gallon.
b. The winter is exceptionally cold.
c. A major discovery of new oil is made off the coast of Norway.
d. The economies of some major oil-using nations, like Japan, slow down.
e. A war in the Middle East disrupts oil-pumping schedules.
f. Landlords install additional insulation in buildings.
g. The price of solar energy falls dramatically.
h. Chemical companies invent a new, popular kind of plastic made from oil.

Reference no: EM133076643

Questions Cloud

Find equilibrium with the required return : Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simpkins to b

What is the inventory? turnover : The beginning inventory for the year was $7.00 million. The ending inventory for the year was $4.00 million. What is the inventory? turnover

Outline usage of derivative instruments : Both fund managers BlackRock or Vanguard, have large shareholder cohorts in the leading blue-chip Australian company Fortescue Metals Group (Fortescue or FMG).

Devise plan for accommodating conflicting responses : Devise a plan for accommodating conflicting responses for the same procedure from two different people you interviewed.

Price and quantity in the market for oil : Predict how given events will affect the equilibrium price and quantity in the market for oil.

Compute the expected return on an investment : 1. Walmart stock is currently selling$260.09drop to a price$250.20pay a dividend$2.72stock's beta0.99 for a share. It is expected to of a year from now. You exp

Probability that a random group of nine people : What is the probability that a random group of nine people averages more than $500 in losses on their one-day trip to Las Vegas?

Should the machine be leased or purchased : Kumquat Farms Ltd. has decided to acquire a kumquat picking machine. Cost of time $80,000. Should the machine be leased or purchased

Influences the implementation of innovation technologies : This journal article focuses on attribution theory and how it influences the implementation of innovation technologies.

User Account

All Pages