answer individually: There are marks allocated for each part. Do this Individually and once you are finished give it to the person next to you to mark as the lecturer goes through the answer. DEMAND FOR OIL DECREASES... LONDON (AP) - Global demand for oil, gas, coal and nuclear power grew at a slower pace last year due to weak economic growth, recession and increased efficiency, energy company BP said Wednesday, In an annual review of the world energy market, BP PLC said growth in energy consumption slowed to 1.8 percent from 2.4 percent in 2011. Demand continued to grow in China and Indin, which together accounted for almost 90 percent of the global increase. But even growth in developing countries was slower than it has been over the last decade. Read more: http://www.ryot.org/ep-bp-global-demand-for-energy slows/2064691ixzz2jih7JPBW Follow the following steps in your answer (include these steps in answer to similar questions): 1) Draw and label the market for oil (2 marks) Market for Oil 2) Identify the starting equilibrium (1 mark) 3) Identity and explain non-price determinant (3 marks) Workshop 2 - Reading 1 Only 4) Shift the demand curve on your diagram and explain it (3 marks) 5) Identify the effect on price (2 marks) 6) Identify the effect on quantity (2 marks) Total /13 marks d) Describe what happens to the equilibrium price and quantity traded of beer in response to each of the following. Explain your answer using a diagram as you did in c). Do this individually. i. Global warming makes for longer and hotter Australian summers ii. New health concerns about the impact of alcohol in beer ill. An increase in the price of hops used in beer production iv. A decrease in the price of wine answer individually: There are marks allocated for each part. Do this Individually and once you are finished give it to the person next to you to mark as the lecturer goes through the answer. DEMAND FOR OIL DECREASES... LONDON (AP) - Global demand for oil, gas, coal and nuclear power grew at a slower pace last year due to weak economic growth, recession and increased efficiency, energy company BP said Wednesday, In an annual review of the world energy market, BP PLC said growth in energy consumption slowed to 1.8 percent from 2.4 percent in 2011. Demand continued to grow in China and Indin, which together accounted for almost 90 percent of the global increase. But even growth in developing countries was slower than it has been over the last decade. Read more: http://www.ryot.org/ep-bp-global-demand-for-energy slows/2064691ixzz2jih7JPBW Follow the following steps in your answer (include these steps in answer to similar questions): 1) Draw and label the market for oil (2 marks) Market for Oil 2) Identify the starting equilibrium (1 mark) 3) Identity and explain non-price determinant (3 marks) Workshop 2 - Reading 1 Only 4) Shift the demand curve on your diagram and explain it (3 marks) 5) Identify the effect on price (2 marks) 6) Identify the effect on quantity (2 marks) Total /13 marks d) Describe what happens to the equilibrium price and quantity traded of beer in response to each of the following. Explain your answer using a diagram as you did in c). Do this individually. i. Global warming makes for longer and hotter Australian summers ii. New health concerns about the impact of alcohol in beer ill. An increase in the price of hops used in beer production iv. A decrease in the price of wine