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andreyandreev [35.5K]
3 years ago
8

In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to

rise.
a. Demonstrate the impact on the quantity of oil bought and sold.
Business
1 answer:
vampirchik [111]3 years ago
3 0

Answer:

Quantity of oil bought & sold would depend upon relative change i.e increase & decrease in demand & supply respectively.

  • ↑Dd = ↓Sy : Qty same
  • ↑Dd > ↓Sy : Qty ↑
  • ↑Dd < ↓Sy : Qty ↓

Explanation:

Libya is an exporter of Oil to China. It implies china's demand for oil is satisfied by Libya's imports.

Usual markets are at equilibrium when market demand = market supply, demand & supply curves intersect.

Political unrest in Libya decreasing oil production, would decrease supply (exported) of oil to China & sift supply curve leftwards. Simultaneously, increase in China demand for oil would shift the demand curve rightwards. These changes in demand, supply would create excess demand. Excess demand would cause competition among buyers & increase the new equilibrium price.

However, <u>Quantity </u>of oil bought & sold would depend upon relative change , shift in demand & supply. If increase in demand is equal to decrease in supply, the quantity would remain<u> same.</u> If increase in demand is more than  decrease in supply, quantity will <u>increase</u>. If increase in demand is less than decrease in supply, the quantity will <u>decrease.</u>

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__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.
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Answer:

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Dima called her friend to tell her that she saved 30% on her new skirt at a discount store. Her friend told her that she could h
FromTheMoon [43]

If the original price of Dima’s skirt was $54, the amount that she have saved at the store was option(b)i.e, $1.80.

Let's just take the sales price of the skirt Dima purchased from the discount shop as the rate of the other retailer is not provided.

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$54 x 30% = $16.20 value of the discount

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Since Dima's friend told her she could have had a better deal at a different store, this means that the discount rate is higher than 30%. i.e, the discount is 33.33%

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To know more about discount rate refer to:  brainly.com/question/13660799

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2 years ago
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