21 Jul WHAT MUST BE OPECS LEVEL OF PRODUCTION IN THIS LONG-RUN EQUILIBRIUM?
Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515 re Show more Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515 respectively. The current long-run equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year. Derive the linear long-run demand and supply equations. Next suppose the long-run supply curve you derived above consists of competitive supply and OPEC supply. If the long-run competitive supply equation is: SC = 7.78 + 0.29P What must be OPECs level of production in this long-run equilibrium? Show less
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