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answerhappygod
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Suppose the current price of oil is $60 a barrel and the quantity supplied is 800 million barrels per day. If the price elasticity of the supply of oil in the short run is estimated at 0.5, calculate the percentage change in quantity supplied increase when the price of oil rises to $68 a barrel? Use the midpoint formula. What is the approximate change in the number of barrels of oil supplied per day (use the point formula with 800 million barrels as your benchmark)? {68+ (20):2²] x 100
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Suppose the current price of oil is $60 a barrel and the quantity supplied is 800 million barrels per day. If the price elasticity of the supply of oil in the short run is estimated at 0.5, calculate the percentage change in quantity supplied increase when the price of oil rises to $68 a barrel? Use the midpoint formula. What is the approximate change in the number of barrels of oil supplied per day (use the point formula with 800 million barrels as your benchmark)? {68+ (20):2²] x 100