Price elasticity of demand

Reference no: EM1373369

Determining at least two websites or articles to help you answer the following questions about the petroleum industry. It is to be done is précis of the major points of the article or Web site, and to be referenced.

In the petroleum industry, is price elasticity of demand considered elastic or inelastic? Are there substitutes available? Is the good a luxury or a necessity? Describe.
What is the price elasticity of supply for the petroleum industry? Describe
Research any negative or positive externalities the petroleum industry produces. Does the transaction of a buyer and seller directly affect a third party? Is the effect a negative or positive externality? How does the externality impact the economy?
Research whether the petroleum industry produces public goods or private goods, or is a natural monopoly. Are the goods or resources rival, excludable, or neither? Describe.
Describe any current or past news events related to wage inequality in the petroleum industry.
What was the petroleum industry's method for determining that there was an inequality? Describe.
How have monetary and fiscal policies affected the employment rates for the petroleum industry?
How have monetary and fiscal policies affected the growth of the petroleum industry?
How have monetary and fiscal policies affected the prices of the product the petroleum industry produces?

Reference no: EM1373369

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