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1) Demand and supply analysis. How do each of the followingaffected the world pr

ID: 1234439 • Letter: 1

Question

1) Demand and supply analysis. How do each of the followingaffected the world price of oil?     a) Tax credits were offered forexpenditures on home insulation     b) The Alaskan oil pipeline wascompleted     c) The ceiling on the price of oil wasremoved    d) Oil was discovered in the NorthSea 2) Suppose there are freezing temperatures in Florida. At thesame time, the press reports that drinking orange juicesignificantly reduces the risk of stomach cancer. Predict theeffect on equilibrium price and quantity. Thank you. 1) Demand and supply analysis. How do each of the followingaffected the world price of oil?     a) Tax credits were offered forexpenditures on home insulation     b) The Alaskan oil pipeline wascompleted     c) The ceiling on the price of oil wasremoved    d) Oil was discovered in the NorthSea 2) Suppose there are freezing temperatures in Florida. At thesame time, the press reports that drinking orange juicesignificantly reduces the risk of stomach cancer. Predict theeffect on equilibrium price and quantity. Thank you.

Explanation / Answer

Tax credits for homes will help to lower the oil consumptionbecause people will insulate there home therefore using lessenergy the alaskan oil pipline is completed would ease the price ofoil and gas down causing consumers to purchase more the ceiling on the price of oil being removed will cause theoil prices to go up because speculators will buy up oil at the lowprice before it is effected by the price of oil being able to gohigher because there is no limit on the top price of oil oil discovered in the north sea causes the price of oil to godown and consumption to remain the same. 2) the freezing temperatures wil cause there to be lessoranges and the foresight of orange juice being able to preventstomach cancer will cause the consumption to go up causing theprice to go up

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