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Question: Suppose that you have been hired as an economic consultant by OPEC and given the following schedule showing the world demand and supply for oil.
Your advice is needed on the following questions (use the diagram):
1- What is the price, quantity of supply and quantity of demand in equilibrium situation?
2- If the price raises from $20 to $30 a barrel, will the total revenue from oil sales increase or decrease?
3- What are the values of the price elasticity of booth demand and supply for price changes from $20 to $30 a barrel?
4- If the price of oil degrease from equilibrium price $30 to new price $20 then:
5- What do we call the gap between the quantity demanded and quantity supplied?
6- What is its value?
7- What is your advice to return to the equilibrium situation?
Use Newton's method to find the intersection points of the curve y = cos(x) and the circle of unit radius centred at (x, y) = (0.4, 1.7) correct to 3 decimal places.
Greg drove at a constant speed in a rainstorm for 245 miles. He took a break, and the rain stopped He then drove 104 miles at a speed that was 3 miles per hour faster than his previous speed. If he drove for 7 hours, find the car's speed for each ..
RETIREMENT PLANNING As a fringe benefit for the past 12 yr, Colin's employer has contributed $100 at the end of each month into an employee retirement account.
What would be the missing piece of information given the following information: Find the slope of the line that passes through the points
during a special sales campaingn, areal estate agency sold houses for the following prices: $132,900, $95,700,$72,900,$91,500,$95,200 and $71,600 find the median price of the houses.
What is the standard deviation of a random variable X?
Describe how geologists assess relative and absolute time. Be sure to mention all of the principles related to relative timing and provide a brief description of each.
A and B form the equal AB partnership. A contributes property (FMV = $100,000, basis = $60,000) and B contributes $100,000 cash.
Find the equation of the tangent line to the curve y = 2 sec (x) - 4 cos (x) at the point (π/3, 2). Write your answer in the form y = mx + b where m is the slope and b is the y-intercept.
If you purchase a six-pack of sodas, and measure the amount in each can and find the average, the probability that the average of the six cans will be between 11.9 and 12.1 oz equals which standard normal probability?
One of the best candidates for a black hole is found in the binary system called A0620-0090. The two objects in the binary system are an orange star, V616 Monocerotis, and a compact object believed to be a black hole.
What is the annual compound interest rate for an investment account modeled by the function y = 12 • 1.18x?
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