This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose that OPEC currently sets the oil price at $1.50 per gallon, and the current consumption is ... (Read 119 times)

formula1

  • Hero Member
  • *****
  • Posts: 666
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by formula1 on Jul 20, 2019

Briannahope

  • Sr. Member
  • ****
  • Posts: 364
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.
Answer Preview
Only 50% of students answer this correctly


formula1

  • Member
  • Posts: 666
Reply 2 on: Jul 20, 2019
Thanks for the timely response, appreciate it

coreycathey

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Current Positions of Known Dwarf Planets and SSSBs in the Outer Solar System Current Positions of Known Dwarf Planets and SSSBs in the Outer Solar System
Alan Price - Poor People Alan Price - Poor People
North Atlantic Current North Atlantic Current
Cultural Attitudes Toward Insect Consumption Cultural Attitudes Toward Insect Consumption
The current status of gene therapy worldwide The current status of gene therapy worldwide
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ... If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...
Video: Transcription—A molecular view

For a complete list of videos, visit our video library