Econ 101 - Project 1

Econ 101 - Project 1 - Joshua M. Hill 04994 Schroeter, Econ...

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Joshua M. Hill 04994 Schroeter, Econ 101, Section 3, Spring ‘11 Project Number 1 A. Quantity (bbl./d.) in millions of barrels Long-Run Demand Price ($/bbl.) Short-Run Demand Price ($/bbl.) Supply Price ($/bbl.) 0 134.00 222.00 46.00 10 129.00 207.00 51.00 20 124.00 192.00 56.00 30 119.00 177.00 61.00 40 114.00 162.00 66.00 50 109.00 147.00 71.00 60 104.00 132.00 76.00 70 99.00 117.00 81.00 80 94.00 102.00 86.00 90 89.00 87.00 91.00 100 84.00 72.00 96.00 110 79.00 57.00 101.00 120 74.00 42.00 106.00 B.
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Short-Run Equilibrium Price and Quantity in the World Market for crude oil: The quantity at which the short-run demand curve and the supply curve intersect is the quantity at which the supply price equals the short-run demand price. Long-Run Equilibrium Price and Quantity in the World Market for crude oil: Equilibrium Point on graph identified above…. C. New Table and Graph representing terrorist attack impacts on Saudi Arabia: Quantity Supplied (bbl./d.) in millions of barrels New values
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This note was uploaded on 02/12/2011 for the course ECON 101 taught by Professor Brentkreider during the Spring '07 term at Iowa State.

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Econ 101 - Project 1 - Joshua M. Hill 04994 Schroeter, Econ...

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