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
Rama09 [41]
4 years ago
13

The following equations describe the supply and demand for crude oil in the United States in the mid-1980s: (Quantity supplied =

"S") (Quantity demanded = "D") S = -2 + (1/2)P S = 15 - (1/4)P Where price (P) is given in dollars and quantity in millions of barrels per day. The domestic equilibrium price is $22.67 per barrel with 9.3 million barrels traded per day. If the world price is below this equilibrium price, a domestic shortage will develop. We can deal with this shortage by purchasing crude oil from foreign suppliers. Determine the quantity of imports when the world price is $11.00 per barrel.
Business
1 answer:
irina [24]4 years ago
6 0

Answer: The equilibrium price is $68, Quantity 32 million barrel, The quantity to import is 53 million barrel

Explanation:

Given that D = -2 + (1/2)P, S = 15 - (1/4)P

At equilibrium Qd = Qs

-2 + (1/2)P = 15 - (1/4)P

Change 1/2 P and 1/4 P to decimal we have 0.5, and 0.25 respectively

Collect like terms

-2 -15 = 0.25P - 0.5P

17 = 0.25P

Divide both sides by P

17/0.25 = 0.25P /0.25

68 = P

P = 68

Substitute the value of P into equation 1 and 2 determine the value of Q

-2 + 0.5 (68)

-2 + 34

= 32

15 - 0.25 (68)

15 + 17

= 32

To determine the quantity to import when world price is $11.00 per barrel ,substitute the value into equation 1

-2 + 0.5 (11)

-2 + 55

= 53

Therefore quantity to import is 53 millions barrel

You might be interested in
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pres
Nastasia [14]

Answer:

i d k

Explanation:

6 0
3 years ago
A disaster recovery site is a(n) __________ location so that you can keep from having the business close while the long-term sol
Zielflug [23.3K]

Answer:

D

Explanation:

Stopgap

A disaster recovery site, which is also known as a temporal backup site, is a place that a company can temporarily relocate to following a security breach or natural disaster. That is why it is known as a stopgap location because it is a temporary measure or short-term solution used until something better can be done about the situation; it serves as the best emergency plan for the typical situation.

6 0
3 years ago
When couples not only enjoy each other's company, but closeness is both wanted and needed, they are in the?
aleksklad [387]
<span>Actually here in this type of scenarios the couples are in the starting phase of mutual relationships which may be of any of types of relationships, ie, the couples want to spend as much time as possible together to know, feel & understand eachother and finally form a very close relationships , which may sometimes end in true love for sure. The correct answer is integrating stage.</span>
3 0
3 years ago
Example of direct cost
vichka [17]

Answer:

Direct labor.

Direct materials.

Manufacturing supplies.

Wages for the production staff.

Fuel or power consumption.

plz follow me

7 0
3 years ago
Name three reasons why a person might voluntarily leave a stable job
NikAS [45]
1. They don’t like their job
2. They are moving and can longer get to their place of work
3. They have found a better job/a job the like more
6 0
3 years ago
Other questions:
  • Which payment type can help you stick to a budget everfi answer?
    11·1 answer
  • Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they w
    15·1 answer
  • A football team hires a consultant to advise them on which running back to sign to a 1-year contract. Each touchdown is worth an
    11·1 answer
  • Personal branding is a continual process.<br><br>True<br><br>False
    10·1 answer
  • Who likes this hair style ii think imma get it?
    11·1 answer
  • A rule that every imported product must be opened by hand and inspected with a magnifying glass, by one of just three government
    10·1 answer
  • The purpose of rough cut capacity planning is to: Select one: a. place a time fence around the MPS. b. determine a production sc
    12·1 answer
  • 4 1/2 + 5 1/2 help fast!!!!!!!!!!!!!!!!!!!!!!!!
    7·2 answers
  • Rachel died in 2020 and her executor is finalizing her estate tax return. The executor has determined that Rachel’s adjusted gro
    12·1 answer
  • What is the purpose of a lien when you get a secured loan?.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!