calculate the elasticity of supply; the total revenue, total cost and profits at several levels of price and gallons sold (demand).

solve for:

marginal cost (MC)

total revenue (TR) and marginal revenue (MR)

profit

Price per barrel $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00

Daily US demand for crude oil (in millions of barrels per day) 1 0.9 0.8 0.7 0.6 0.5 0.4

Daily US supply of crude oil (in millions of barrels per day) 0.7 0.8 0.9 1 1.1 1.2 1.3