Price Elasticity of Demand & Supply
Could you assist is finding at least two websites or
articles to help you answer the following questions about the petroleum
industry. It is to be done is summary of the major points of the article or Web
site, and to be referenced.
o In the petroleum industry, is price elasticity of demand
considered elastic or inelastic? Are there substitutes available? Is the good a
luxury or a necessity? Explain.
o What is the price elasticity of supply for the petroleum
industry? Explain
o Research any negative or positive externalities the
petroleum industry produces. Does the transaction of a buyer and seller
directly affect a third party? Is the effect a negative or positive
externality? How does the externality impact the economy?
o Research whether the petroleum industry produces public
goods or private goods, or is a natural monopoly. Are the goods or resources
rival, excludable, or neither? Explain.
o Describe any current or past news events related to wage
inequality in the petroleum industry.
o What was the petroleum industry’s method for determining
that there was an inequality? Explain.
o How have monetary and fiscal policies affected the
employment rates for the petroleum industry?
o How have monetary and fiscal policies affected the growth
of the petroleum industry?
o How have monetary and fiscal policies affected the prices
of the product the petroleum industry produces?
