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The aim of this task is to explore the effects of a supply shock on a firm and thereby on the industry. Suppose that war breaks out in the Middle East, where a considerable portion of the world's oil is produced.
(A) Describe, in words and on your graphs, any changes to (i) demand, (ii) supply,(iii) The petrol manufacturer's optimal quantity, (iv) the short-run equilibrium industry quantity, (v) the short-run equilibrium price, (vi) the short-run consumer's surplus, and (vii) the short-run profits.
Can i have a guide on a particular macroeconomics assignment? I have totally no idea on how to start it. Please reply and i will show the question.
can you tell me how this works, i am struggling to write my report in economics and i would like to know how much does it cost some help
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