Q 1 use the data in the preceding problem to answer the

Assignment Help Business Economics

Reference no: EM13354147

Q. 1. Use the data in the preceding problem to answer the subsequent questions. Currently suppose
that the United States allows no oil imports.

a. What are equilibrium quantity and price for oil in the United States?

b. If the United States imposed a price ceiling of $74 per barrel on the oil market and
banned imports would there be an excess supply or an excess demand for oil.
If so, how much?

c. Under the cost ceiling also quantity supplied and quantity demanded differs. Illustrate which among the 2 will determine how much oil is purchased? Briefly explain

2. On April 20, 2010 an oil-drilling platform owned by British Petroleum exploded in the Gulf of Mexico causing oil to leak into the gulf at estimates of 1.5 to 2.5 million gallons per day from well over two months. Due to the oil waters which has devastated the commercial fishing industry in the area. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.

Reference no: EM13354147

Questions Cloud

Alice was employed by the beaufort distributing company she : alice was employed by the beaufort distributing company. she worked at an offsite location keeping track of the

Qjo thomkins ought to make a decision whether or not to : q.jo thomkins ought to make a decision whether or not to proceed with a particular investment project. if the project

Qa city is planning a new convention center and has : q.a city is planning a new convention center and has received bids from two contractors. the center one contractor

Qsuppose that a group of sonoma county buy local advocates : q.suppose that a group of sonoma county buy local advocates propose a complementary currency that can only be used to

Q 1 use the data in the preceding problem to answer the : q. 1. use the data in the preceding problem to answer the subsequent questions. currently supposethat the united states

Q1 how does the theory of efficient production apply to : q1. how does the theory of efficient production apply to managers of government bureaus or departments that are not run

Qgo to the st louis fed website also total following : q.go to the st. louis fed website also total following assignment. scroll down and select money stock m1ns. i want you

Q1 recall that abc company has periodically borrowed funds : q1. recall that abc company has periodically borrowed funds but contemplates a stock or bond offering so that it can

Aggregate demand and aggregate supply gradedsurf bureau of : aggregate demand and aggregate supply gradedsurf bureau of economic analysis website www.bea.gov and access the bea

User Account

All Pages