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Author Question: Suppose that OPEC currently sets the oil price at $1.50 per gallon, and the current consumption is ... (Read 124 times)

formula1

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on: Jul 20, 2019
Suppose that OPEC currently sets the oil price at $1.50 per gallon, and the current consumption is 100 million gallons per day. The price elasticity of demand for oil is estimated to be 0.7 by the initial value method. If OPEC raises the oil price to $1.80 per gallon:
◦ quantity demanded decreases by 14 million gallons and total sales revenue decreases by $4.8 million per day.
◦ quantity demanded decreases by 10 million gallons and total sales revenue decreases by $4.4 million per day.
◦ quantity demanded decreases by 14 million gallons while total sales revenue increases by $4.8 million per day.
◦ quantity demanded decreases by 10 million gallons while total sales revenue increases by $4.4 million per day.
Microeconomics: Principles, Applications and Tools ¦ O'Sullivan, Sheffrin, Perez ¦ 8th Edition
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Marked as best answer by formula1 on Jul 20, 2019

Briannahope

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Reply #1 on: Jul 20, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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formula1

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Reply 2 on: Jul 20, 2019
Thanks for the timely response, appreciate it

isabelt_18

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Reply 3 on: Yesterday
Excellent

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