Oil Prices Dive as Saudi Arabia Takes Aim at Russian Production Saudi Arabia has cut its price

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Oil Prices Dive as Saudi Arabia Takes Aim at Russian Production Saudi Arabia has cut its price by 10 percent in retaliation for Russia's refusal to join the Organi- zation of the Petroleum Exporting Countries in a large production cut last month. Falling prices are a huge problem for Saudi Arabia because they erode petroleum revenues. Source: nytimes.com, March 8, 2020

a. How can you use the information in the news clip to determine whether the demand for Saudi Arabian oil is clastic or inclastic?

b. Does the news clip tell us whether the sup- ply of Saudi Arabian oil is elastic or inelastic? Explain.

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