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"-'acmiilan Learning 0;- Suppl}.r and Demand: End of Chapter Problem Jessica is an economist. She loves being an economist so much that she would do it for a living even if she only earned $46000 per year. Instead, she earns $103000 per year. How much producer surplus does Jessica enjoy? $ Supply and Demand: End of Chapter Problem Consider the following demand curve for oil: Macmillan Learning Price of oil per barrel $40 25 15 Demand for oil 10 10 20 40 55 Quantity of oil (MBD) a. Using this demand curve, fill in the appropriate values. Be sure to list prices in a logical order. Quantity demanded: 55 MBD Price: $ Price: $ Quantity demanded: MBD Price: $25 Quantity demanded: MBD Price: $ Quantity demanded: MBD b. If the price was $10, how much oil would be demanded? Quantity demanded: MBD c. What is the maximum price (per barrel) that demanders will pay for 20 million barrels of oil? Price: $En Supply.r and Demand: End of Chapter Problem 51. When the price of olive oil goes a p. what probably happens to the demand for corn oil? .' '-'acmi|lan Lamb 5 The demand for corn oil b. When the price of petroleum goes up. what probably happens to the demand for natural gas? To the demand for coal? To the demand for Solar power? The demand for natural gas . The demand for coal . The demand for solar power Supply and Demand: End of Chapter Problem a. When the price of olive oil goes up, what probably happens to the demand for corn oil? Macmillan Learn The demand for corn oil will rise will not change b. When the price of petrol happens to the demand for natural gas? To the demand for coal? To the demand for solar power? cannot be determined will fall The demand for natural gas The demand for coal The demand for solar power Q SearchSupply and Demand: End of Chapter Problem @ Macmillan Leaming a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil will rise b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas The demand for coal The demand for solar power will rise will not change cannot be determined will fall Q SearchSupply and Demand: End of Chapter Problem Macmillan Learnit a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil will rise b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas . The demand for coal The demand for solar power will not change cannot be determined will rise will fall Q SearchSupply and Demand: End of Chapter Problem a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil will rise b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas The demand for coal The demand for solar power will rise will not change will fall cannot be determined Q, Search