What is the point price elasticity of demand for oil

Reference no: EM13223424

Suppose that the demand for oil is given by the equation P=10 - 0.2Q where Q is the quantity of oil in barrels per day and P is the price of oil in $ per barrel. You also know that at the current price of oil of $75 per barrel, 750 barrels of oil were purchased per day. What is the point price elasticity of demand for oil?

Reference no: EM13223424

Questions Cloud

Explain what is the volume occupied argon gas : What is the volume occupied by 25.6 g of argon gas at a pressure of 1.41 atm and a temperature of 411 K?

Explain the ka for lactic acid : The Ka for lactic acid is 1.4x10^-4. What is the pH of this buffer after .10 mol of solid NaOH has been added?

Determine the prices that maximize joint profits : A town has a bakery that sells bread and a cheese shop. It costs $1 to make a loaf of bread and $2 to make a pound of cheese. If the bakery's price for a loaf of bread is p1 and the cheese shop's price for a pound of cheese is p2

Compute the planar densities in ions per square nanometer : Calculate the planar densities in ions per square nanometer on the (1 1 1) and (1 1 0) planes for (a) NiO and (b) NaCl. Ionic radii are Ni2+ = 0.078 nm and O2-=0.132nm, Na+=0.098nm, and Cl-=0.181nm

What is the point price elasticity of demand for oil : Suppose that the demand for oil is given by the equation P=10 - 0.2Q where Q is the quantity of oil in barrels per day and P is the price of oil in $ per barrel. You also know that at the current price of oil of $75 per barrel, 750 barrels of oil ..

Socioeconomic and demographic changes that could affect avon : Why is Avon so much more dependent on its foreign operations than on its home ( U.S.) operations and discuss socioeconomic and demographic changes that could affect Avon.

How to replace the manager of the roller division : Roller manufacturing is relatively simple, requiring only labor and a machine that cuts and crimps rollers. As you begin reviewing the company's production information, you learn that labor is paid $8 per hour and the last worker hired produced 10..

Discuss the process of change in an organization : Develop your own different approach to manage this change based on an alternative change model and take into account the political, economic, cultural and leadership factors you identified above.

What specific indices mean in relationship to overal article : 1.A minimum of three general economic principles related to the recent article not older than six months. 2.Identification of five macroeconomic indices 3.Explanation of the indices e.g., GDP, CPI, and other economic calculations

User Account

All Pages