Green Paradox Case 1 In this case Group 1 countries reduce their demand for oil by 70 units. Group 1 Demand Function for Oil Group 2 Demand Function for Oil Global Supply of Oil 120 $120 120 110 $110 110 100 $100 100 90 $90 90 80 $80 80 70 $70 70 60 $60 60 50 $50 50 40 $40 40 30 $30 30 20 $20 20 10 $10 10 0 $0 0 Vertical axes show the price of oil. Horizontal axes show the quantities of oil.
Consider the information in the file named HW5 - Green Paradox. Concentrate on the scenario called Green Paradox Case 1.
Currently (prior to any GHG policies by the Group 1 countries) the world
Group 1 countries reduce their
So, Group 1 countries were hoping to reduce global consumption of oil by 70 units. However, the global consumption was reduced by “ ？ ” units.
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