Pricing/Supply and Demand
Present an analysis regarding oil prices. Discuss the concepts of demand & pricing (ch 6) as it relates to oil. What are the implications from recent to intermediate history.
In your analysis be sure to include the following issues regarding oil pricing:
Elasticity of demand (apply text concept to oil prices)
Supply and demand curves (provide a supply demand curve)
Marginal revenue vs. Marginal cost
Substitutes and complements
Please conclude with a 3 month prediction of oil prices.
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