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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1268 |
Essay's paper body
Hence the new demand curve equation is ?? Q = {107.6 + (86.5 ?V 82.8)} ?V 0.421P = 111.3 ?V 0.421P
At new equilibrium,
111.3 ?V 0.421P (new demand curve) = 57.96 + 0.421P (equation of supply curve)
Solving for P, we get P = 63.34.
Hence the price of oil on 01 Nov 2011 will be $63.34
2. On 01 Nov 2011 - Oil at $63...
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Hence the new demand curve equation is ?? Q = {107.6 + (86.5 ?V 82.8)} ?V 0.421P = 111.3 ?V 0.421P
At new equilibrium,
111.3 ?V 0.421P (new demand curve) = 57.96 + 0.421P (equation of supply curve)
Solving for P, we get P = 63.34.
Hence the price of oil on 01 Nov 2011 will be $63.34
2. On 01 Nov 2011 - Oil at $63...
Essay fragment
General points of the essay
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