1.7. Consider the following demand curve for oil: Price of oil per barrel $40 25 15 10...

Question:

1.7. Consider the following demand curve for oil:

Price of oil per barrel

$40 25 15 10 10 20 40 55 Quantity of oil {MBD)

a. Using the above demand curve, fill in the following table:

Price

$25 Quantity Demanded 55

b. Ifthe 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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