1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kipish [7]
3 years ago
6

The elasticity of demand for oil is about 0.5, and the elasticity of supply is about 0.3. If the Arctic National Wildlife Refuge

(ANWR) were drilled and the world supply of oil increased by 3%, what is the estimated percent change in the world price of oil?
Social Studies
1 answer:
Tanya [424]3 years ago
7 0

Answer:

3.75%

Explanation:

%∆P from shift in supply

= (%∆S)/(|E D |+E S )

= 3 ÷ (0.5 + 0.3) = – 3.75%

Where ∆ means "Change in"

Cheers

You might be interested in
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
prisoha [69]

Answer:

North Korean economy is centralized planned economy, North Korean economic activity is control by its government and its majority of economic budget is received by North Korean military.

Explanation:

North Korean economy is based on a centrally planned arrangement, where the purpose of market allocation plans is restricted, although rising. As of 2020, North Korea remains its basic adherence to a centralized command economy.

North Korea's economy is strictly commanded by its government. the state regulates all means of production, and the government establishes preferences and importance in economic growth.

North Korean military received the majority of its country's budget because of ongoing tension between the South and North Korea and of-course because of North Korea's nuclear missiles programs.

5 0
3 years ago
If, on average, each person fishing in your local lake catches 3.5 fish per fishing trip, with a standard deviation of 1.2, what
dangina [55]

Answer:

Mean of sampling distribution=3.5

Standard error of sampling distribution=0.219

Explanation:

We know that

The average of catching fish per fishing trip=μ=3.5

and

The standard deviation of catching fish per fishing trip= σ=1.2.

We have to find the mean and standard error of sampling distribution of 30 fishing trips i.e. μxbar=? and σxbar=?

Mean of sampling distribution=μxbar=μ=3.5

Standard error of sampling distribution=σxbar=σ/√n

Standard error of sampling distribution=σxbar=1.2/√30

Standard error of sampling distribution=σxbar=1.2/5.4772

Standard error of sampling distribution=σxbar=0.219

Thus, the mean and standard error for a sampling distribution of 30 fishing trips are 3.5 and 0.219.

5 0
3 years ago
During an earthquake near Port Royal, Jamaica, the water-saturated sand on which the city was built vigorously shook. As a resul
Pepsi [2]
I believe that its a description of “Liquefaction.” Hope this helps you.
7 0
3 years ago
An object or action that means more than its literal meaning
12345 [234]
<span>An object or action that means more than its literal meaning is known as "symbol".
We can define symbol in many ways as it is a check, sign, or word that demonstrates, means, or is comprehended as speaking to a thought, question, or relationship or a thing that speaks to or remains for something different, particularly a material protest speaking to something extract. Symbols enable individuals to go past what is known or seen by making linkages between generally altogether different ideas and experiences.
</span>
7 0
3 years ago
What is an action to be taken by the colonist.
nataly862011 [7]
I need to know which colonists when before i an give an accurate answer

3 0
3 years ago
Other questions:
  • trace the arab-israeli conflict between 1947-1980. why has this conflict been so difficult to resolve?
    6·1 answer
  • When barbara asks her father why she is not allowed to play in the street, he says, "because i say so, and if you don't do what
    14·2 answers
  • rancesca has devised a 20-question survey to measure parenting style. She wants to demonstrate the reliability of this new measu
    14·2 answers
  • Shawn is driving when he notices a car broken down on the side of the road with a woman sitting in the driver's seat. Based on w
    15·2 answers
  • Lily calls her son Mark, age 22, at least three times each day. She says she's just "checking in" to see that he ate lunch and t
    6·1 answer
  • Give an example of the feminization of poverty in core nations. How is it the same or different in peripheral nations?
    9·1 answer
  • The right to due process means that the government (Apex)
    10·2 answers
  • Why does man get hurt for society if society is created by men?​
    10·1 answer
  • Please help. I am overdue:
    13·2 answers
  • the contemporary view of change takes into consideration the idea that environments are both uncertain and dynamic. true false
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!