Answer to Question #137128 in Microeconomics for abdullah

Question

Price per barrel = $18
World demand and supply = 23 billion barrels per year

Calculate the slope, intercept and equation for the demand and supply curves in the short run and long run
Ed in the short run = -0.05 long-run = -0.04
Es in the short-run = 0.10 long-run = 0.40

Answer 1

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