question archive Assume world oil supply is 73 million barrels per day at a price of $49 per barrel
Assume world oil supply is 73 million barrels per day at a price of $49 per barrel
Subject:EconomicsPrice:2.88 Bought3
Assume world oil supply is 73 million barrels per day at a price of $49 per barrel. Suppose that if the price per barrel of oil increases to $68 per day, then 81 million barrels of oil will be supplied.
Using the midpoint formula, what is the price elasticity of supply for oil?
In this price range, the world supply of oil is elastic or inelastic?
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