Question
Suppose that the short run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30
Suppose that the short run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short run equilibrium quantity is 23.84 billion barrels per year. Derive the linear demand and supply equations.
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Modeling Monetary Economies
Authors: Bruce Champ, Scott Freeman, Joseph Haslag
4th Edition
1316508671, 1316508676, 9781316723302 , 978-1107145221
