question archive Assume world oil supply is 68 million barrels per day at a price of $48 per barrel
Assume world oil supply is 68 million barrels per day at a price of $48 per barrel
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Assume world oil supply is 68 million barrels per day at a price of $48 per barrel. Suppose that if the price per barrel of oil increases to $55 per day, then 84 million barrels of oil will be supplied. Using the midpoint formula, what is the price elasticity of supply for oil?
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