1.7. Consider the following demand curve for oil: Price of oil per barrel $40 25 15 10...
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1.7. Consider the following demand curve for oil:
Price of oil per barrel
$40 25 15 10 Price 10 20 40 55 Quantity of oil (MBD)
b. If the price was $10, how much oil would be demanded?
c. What is the maximum price (per barrel)
demanders will pay for 20 million barrels of oil?
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