=+to describe world demand W and noncartel (competitive) supply S. Reasonable numbers for the price elasticities of

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=+to describe world demand W and noncartel (competitive) supply S. Reasonable numbers for the price elasticities of world demand and noncartel supply are −1/2 and 1/2, respectively. Then, expressing W and S in millions of barrels per day (mb/d), we could write W = 160P-1/2 and S = (3 1 3 )P1/2 Note that OPEC’s net demand is D = W − S.

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