ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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PLEASE ONLY ANSWER THE LAST PART OF THE QUESTION! (As you can see I have already answered the first two parts)
What would be the effect of ANWR production on the world price of oil given that e= -0.50, n=0.40, the pre-ANWR daily world production of oil is Q, = 82 million
barrels per day, the pre-ANWR world price is p, =5100 per barrel, and daily ANWR production would be 0.8 million barrels per day? For simplicity, assume that the
supply and demand curves are linear and that the introduction of ANWR oll would cause a parallel shift in the world supply curve to the right by 0.8 million barrels
per day
Determine the long-run linear demand function that is consistent with pre-ANWR world output and price.
The long-run demand function is
Q 123-0.41p
Determine the long-run linear supply function that is consistent with pre-ANWR world output and price.
The long-run suoply.function is
Q= 492+0.328p
Determine the post-ANWR long-run linear supply function.
The long-run supply function with ANWR oil production is
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Transcribed Image Text:What would be the effect of ANWR production on the world price of oil given that e= -0.50, n=0.40, the pre-ANWR daily world production of oil is Q, = 82 million barrels per day, the pre-ANWR world price is p, =5100 per barrel, and daily ANWR production would be 0.8 million barrels per day? For simplicity, assume that the supply and demand curves are linear and that the introduction of ANWR oll would cause a parallel shift in the world supply curve to the right by 0.8 million barrels per day Determine the long-run linear demand function that is consistent with pre-ANWR world output and price. The long-run demand function is Q 123-0.41p Determine the long-run linear supply function that is consistent with pre-ANWR world output and price. The long-run suoply.function is Q= 492+0.328p Determine the post-ANWR long-run linear supply function. The long-run supply function with ANWR oil production is
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