Question
OPEC currently produces about 38 per cent of the world output of oil. Assuming the short-term price elasticity of demand is 0:28, estimate the effect
OPEC currently produces about 38 per cent of the world output of oil. Assuming the short-term price elasticity of demand is 0:28, estimate the effect of the output cut on the current price, stating any assumptions in your calculations.
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Economics Principles and Policy
Authors: William J. Baumol, Alan S. Blinder
12th edition
978-0538453677, 538453672, 978-0538453622, 538453621, 978-0538453653
