OPEC, the oil exporters' cartel, opted Wednesday to keep its output ceiling unchanged, expressing confidence in the
Question:
The oil market held in positive territory after the OPEC decision, with Brent North Sea crude up 40 cents at $109.92 a barrel.
If the price elasticity of demand for oil is 0.65, by how much would oil prices have fallen in 2014 had OPEC increased output from 30 to 32 million barrels per day rather than holding output constant?
Instructions:
Enter your response as a percent rounded to two decimal places (do not include the negative sign). Use the mid-point formula.
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Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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