Explanation of possible effects of higher oil prices on different types of firms and consumers

Q: Are gas prices high due to demand or supply in July 2023.

A: Gas prices is the cost of gasoline or petrol, which is common fuel used in automobiles and various…

Q: e of ses

A: Sesame seeds which are commonly known as Til in India is largely being produced for its oil and is…

Q: Mr. Mondal is a potato wholesaler at Nasik. The per capita consumption of potatoes per day is about…

A: In a market, a firm’s pricing decision is highly dependent upon the elasticity of demand as it will…

Q: When prices for durable goods increase, firms can rapidly increase production to match demand. True…

A: Durable goods are tangible products or items that have a moderately lengthy lifespan and are…

Q: The cost of oil could decrease for the residents of countries that have to import fossil fuels. Why…

A: The cost of oil would rather increase for the residents of countries that have to import fossil…

Q: The cost of oil production became relatively cheaper in 2020 would this affect the supply or demand…

A: The supply of a commodity is directly related to the price of the commodity. Resulting in the…

Q: The cost of oil production became relatively cheaper in 2020 would this affect the supply or demand…

A: If the cost of oil production became relatively cheaper in 2020 this would affect the supply curve.…

Q: Now, what is the equilibrium quantity? Again, the equations are: Q = 3P-90 Qd = 400 - 5P

A: GivenDemand equation: Supply equation: The supply equation represents the relation between the…

Q: The yearly demand for bags of Chinese fortune cookies on the European market is given by Price (in…

A: The term price elasticity of supply is a metric that is used to measure how the supply of a product…

Q: Due to several supply-chain issues the price of computer chips has risen in recent months (this part…

A: Supply is the quantity suppliers are willing to sell in the market at various price level. The law…

Q: Answer the question on the basis of the given supply and demand data for wheat. Bushels Demanded Per…

A: Correct : Price of wheat to fall

Q: State the processes performed when demand is predicted to be greater than supply.

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: What effect will each of the following have on the supply of auto tires? A technological advance in…

A: The demand and supply of goods in the market are the best source of information about the…

Q: Reasons for changes in demand and supply, use demand and supply analysis to explain the high…

A: In any market, a change in the price of the good will have a significant impact on the quantity…

Q: Which of the following would reduce the supply of microcomputers?     a technological improvement…

A: Supply is an upward sloping curve, showing how much quantity is supplied at different prices.

Q: Due to the H1N1 flu outbreak, the demand forhand sanitizer has tripled. Should Johnson &Johnson…

A: Here, it is given that the demand for hand sanitizer increased to three times due to the H1N1 flu…

Q: Which of the following would cause a decrease in the supply of gasoline? an increase in the price of…

A: The supply curve depicts the direct relationship between quantity supplied and price, keeping other…

Q: As the diesel prices have almost caught up the gasoline prices, the market for diesel cars has…

A: When diesel prices were lower than gasoline prices, diesel cars were preferred. This is because the…

Q: Demonstrate graphically the impact of a rise in electricity prices on the production of ice cream.

A: Equilibrium in the market occurs at the intersection of demand and supply curves.

Q: producers will

A: A drought is a period of time when a region or an area tends to experience below the normal level of…

Q: An increase in technology with a simultaneous decrease in the number of buyers will cause the…

A: In an economy, changes in the price and quantity level depend upon various demand-side as well as…

Q: Answer the question on the basis of the given supply and demand data for wheat. Bushels Demanded Per…

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Q: Define the current status of supply and demand for gas. Identify at least one factor that has caused…

A: The market is an allocation mechanism which results in the equilibrium and determines the…

Q: If crude oil prices rise significantly, then heating oil prices will most likely:   Decrease…

A: Heating oil - Heating oil is a product of crude oil derived from the distillation of Petroleum. It's…

Q: How high oil prices affect shipping companies demand

A: The shipping industry demand is related to oil prices, since they can greatly affect how expensive…

Q: Individual and Market Supply Curve Quantity Price Supplied (gs) of Palay in Luzon (PhP/kg) (in…

A: Elasticity of demand is responsiveness in change in quantity demanded due to change in factors…