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Topic: Business
Number of pages / Number of words: 5 / 1268
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Hence the new demand curve equation is ?? Q = {107.6 + (86.5 ?V 82.8)} ?V 0.421P = 111.3 ?V 0.421P

At new equilibrium,

111.3 ?V 0.421P (new demand curve) = 57.96 + 0.421P (equation of supply curve)

Solving for P, we get P = 63.34.

Hence the price of oil on 01 Nov 2011 will be $63.34

2. On 01 Nov 2011 - Oil at $63...


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Hence the new demand curve equation is ?? Q = {107.6 + (86.5 ?V 82.8)} ?V 0.421P = 111.3 ?V 0.421P

At new equilibrium,

111.3 ?V 0.421P (new demand curve) = 57.96 + 0.421P (equation of supply curve)

Solving for P, we get P = 63.34.

Hence the price of oil on 01 Nov 2011 will be $63.34

2. On 01 Nov 2011 - Oil at $63...


Essay fragment

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