OPEC deadlocked on oil production hike Price (dollars per barrel) 120- Oil prices exceeded $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production. 115- Source: CNN Money, June 8, 2011 110- Use the demand and supply model to illustrate OPEC's deadlock. 105- 100- Consider the market for oil. 95- Draw demand and supply curves consistent with the oil price exceeding $100 a barrel. Label the curves Do and So. 90- Draw a point at the market equilibrium price. Label it 1. 85- Now suppose that OPEC members agree to increase oil production. 80+ 100 110 120 130 140 150 160 170 Draw a curve to show the effect of this agreement in the market for oil. Label Quantity (millions of barrels per day) it. >>> Draw only the objects specified in the question. Draw a point at the new market equilibrium. Label it 2.

OPEC deadlocked on oil production hike Price (dollars per barrel) 120- Oil prices exceeded $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production. 115- Source: CNN Money, June 8, 2011 110- Use the demand and supply model to illustrate OPEC's deadlock. 105- 100- Consider the market for oil. 95- Draw demand and supply curves consistent with the oil price exceeding $100 a barrel. Label the curves Do and So. 90- Draw a point at the market equilibrium price. Label it 1. 85- Now suppose that OPEC members agree to increase oil production. 80+ 100 110 120 130 140 150 160 170 Draw a curve to show the effect of this agreement in the market for oil. Label Quantity (millions of barrels per day) it. >>> Draw only the objects specified in the question. Draw a point at the new market equilibrium. Label it 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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