What would be the effect of ANVWR production on the world price of oil given that E = - 0.30, n= 0.40, the pre-ANWR daily world production of oil is Q, = 82 million barrels per day, the pre-ANWR world price is p, = $100 per barrel, and dailyANWR production would be 0.8 million barrels per day? For simplicity, assume that the supply and demand curves are linear and that the introduction of ANWR oil would cause a parallel shift in the world supply curve to the right by 0.8 millionbarrels per day.Determine the long-run linear demand function that is consistent with pre-ANWR world output and price.The long-run demand function isQ= 106.6 - 0.246p .Determine the long-run linear supply function that is consistent with pre-ANWR world output and price.The long-run supply function isQ = 49.2 +0.328pDetermine the post-ANWR long-run linear supply function.The long-run supply function with ANWR oil production isQ = 50 + 0.328p.Use the demand curve and the post-ANWR supply function to calculate the new equilibrium price and quantity.The post-ANWR equilibrium price isp=S. (Enter a numeric response using a real number rounded to two decimal places.)

Given:Demand function=Qd=106.6-0.246pPost ANWR supply function=Qs=50+0.328p

inat would be the effect of ANWR production on the wond price given that -0.30, 1=0.40, the pre-ANWR dally wvond producton o d million barreis per day, the pre-ANWR Worid pice is p, per barrel, and dally NWR production would be 0.8 million barrels per day? For simplicity, assume that the supply and demand curves are linear and that the introduction of ANWR oil would cause a parallel shift in the world supply curve to the right by 0.8 million arrels per day. etermine the long-run linear demand function that is consistent with pre-ANWR world output and price. he long-run demand function is Q= 106.6 - 0.246p. etermine the long-run linear supply function that is consistent with pre-ANWR world output and price. he long-run supply function is Q= 49.2+0.328p etermine the post-ANWR long-run linear supply function. he long-run supply function with ANWR oil production is Q= 50 +0.328p se the demand curve and the post-ANWR supply function to calculate the new equilibrium price and quantity. he post-ANWR equilibrium price is p=S. (Enter a numeric response using a real number rounded to two decimal places.)

inat would be the effect of ANWR production on the wond price given that -0.30, 1=0.40, the pre-ANWR dally wvond producton o d million barreis per day, the pre-ANWR Worid pice is p, per barrel, and dally NWR production would be 0.8 million barrels per day? For simplicity, assume that the supply and demand curves are linear and that the introduction of ANWR oil would cause a parallel shift in the world supply curve to the right by 0.8 million arrels per day. etermine the long-run linear demand function that is consistent with pre-ANWR world output and price. he long-run demand function is Q= 106.6 - 0.246p. etermine the long-run linear supply function that is consistent with pre-ANWR world output and price. he long-run supply function is Q= 49.2+0.328p etermine the post-ANWR long-run linear supply function. he long-run supply function with ANWR oil production is Q= 50 +0.328p se the demand curve and the post-ANWR supply function to calculate the new equilibrium price and quantity. he post-ANWR equilibrium price is p=S. (Enter a numeric response using a real number rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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