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3 years ago

Could you help with the question, please?

Business

1 answer:

spayn [35]3 years ago

7 0

Answer:

When the world price is $9.00 per barrel, imports are 10.25 million barrels per day.

Explanation:

This can be explained as following:

- At the domestic equilibrium, the quantity supplied and demanded were:

Qs = Qd = 9.3 million

- When the world price is $9.00 (P=9), the domestic demanded and supplied quantity were:

Demand: Qd = 15 - (1/4)x9 = 12.75 million
Supply: Qs = -2 + (1/2)x9 = 2.5 million

When the domestic supply is 2.5 million barrels per day while the domestic demand is 12.75 million barrels per day, the domestic still lacks:

12.75 - 2.5 = 10.25 million barrels per day

So that they need to import 10.25 million barrels per day.

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