3.7 Solved Problem 3.3 claims that a new war in the Persian Gulf could shift the world...

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3.7 Solved Problem 3.3 claims that a new war in the Persian Gulf could shift the world supply curve to the left by up to 24 million barrels per day, causing the world price of oil to soar regardless of whether we drill in ANWR. Use the same type of analysis as in the Solved Problem to calculate how much such a shock would cause the price to rise with and without the ANWR production. A

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Microeconomics

ISBN: 9780133456912

7th Edition

Authors: Jeffrey M. Perloff

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