Assume that during the oil price war, global oil production increase from 90 million to 97 million barrels per day, causing the price of oil fall by 50%. Calculate the implied price elasticity of oil demand (see World View "Nations scrambling to end oil-price war").

LOTHI 80 percent of total output? 1011-2 2. Assume that during the oil-price war, global oil production increased from 90 million to 97 million barrels per day, causing the price of oil fall by 50 percent. Calculate the implied me bsen () price elasticity of oil demand (see World View "Nations Scrambling to End Oil-Price War"). LO11-2 3. (a) According to Front Page Economics "Joe Camel Acquires Newport," how many years will it