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The Focus of this question is on the market petrol in Australia During the month of march 2020, the following two shocks occurred in the

The Focus of this question is on the market petrol in Australia

During the month of march 2020, the following two shocks occurred in the market for petrol

Major oil producing countries (most notably Saudi Arabia and Russia ), moved to increase their crude oil production . Crude oil is the main input to the production of petrol.

Road traffic across Australia fell significantly. This is the result of government's lock-down policies to fight the coronavirus spread .

1- considering the two shocks, determine how the demand and supply of petrol would change ? clearly explain why such a change occur

2- Explain how the demand curve and supply curve will shift as the result of the shocks above ?

3- Clearly explain how the equilibrium price and quantity of petrol would change as result ?

4-for an average petrol station on Glenferrie road , how would its revenue in march change ,in comparison with February(when there was no shock) clearly explain your answer

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