Given that a country will analyze the total benefit of its oil supply-demand in two periods of time by using the following data: Period II Deman curve: P = -0.2 Q₂ +210 Suply curve : P = 0.05 Q₂ + 30 Period I Deman curve: P = -0.2 Q₁ +210 Suply curve : P = 0.04 Q₁ + 30 Interest rate : 10%, Oil reserve : 3.6 billion barrels of oil Units: P in USD, Q in million barrel Find the efficient allocation! (Q₁, Q₂, P₁, P₁, NB₁, NB₂, TNB), draw a graphical illustration!

Given that a country will analyze the total benefit of its oil supply-demand in two periods of time by using the following data: Period II Deman curve: P = -0.2 Q₂ +210 Suply curve : P = 0.05 Q₂ + 30 Period I Deman curve: P = -0.2 Q₁ +210 Suply curve : P = 0.04 Q₁ + 30 Interest rate : 10%, Oil reserve : 3.6 billion barrels of oil Units: P in USD, Q in million barrel Find the efficient allocation! (Q₁, Q₂, P₁, P₁, NB₁, NB₂, TNB), draw a graphical illustration!

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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