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Question: all the three pictures are for question number 3 ...

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All the three pictures are for question number 3 .
ngege Learming Microst Edg ing INDTAP :4884581 1KelSBN-9781305272330id 438231 ts in Action mpts 1 Keep the Highest: 1/3 Changes in market equilibrium uppose you are an analyst in the oll refinery industry and are responsible for estimating the equilbrium price and so, You Determinants of the demand for heating oil include hou price of natural gas (a substitute good for heating ol), a and quantity of home heating oil. To do must consider factors that can affect the supply of and demand for heating oil. sehold income, the price of an oil furnace (a complementary g Determinants of the supply of heating oll include the cost of crude oil and the cost of refining ood for heating oil), and the crude oil into home heating ol. you make to the calculator. Use the caloulator to help you answer the following questions. You will nct be graded on any changes ote: Once you enter a value in a white feid, the graph and any corresponding amounts in each grey fleld will change accordingly.) Graph Input Tool Market for Heating Oou Market for Heating o Price of Heating eil 2 3 5 0 QwE
engege Learning-Microsoft Edge d488458198949295869367829418elS8N-97813052723308id 438231384 INDTAP ts in Actiorn Graph Input Tool Market tor Heating O Market for Heating Oil Price of Heating oil Dollars per barrel) Sup 100 antity Suppiled per day) 60 s0 Demand Shifters Supply Shifters Price of Natural 1 Derm and 10Cost of Crude o Dollars per 1,000 cubic ft owy Furnacean Oil 匚20001 Cost or Refining Oil eer bamel of henting 2000 Cost of Refining Oi 151 . QUANTITY (Thousands of barrels per day) Average Annual 40 dolars) iniialty, the price of natural oas is s10 per 1,000 cubic feet, the price of an oil th cost ot crudo ot is S25 per barrel of heating oa, and tho cost of refiring oa s sis per barrel of heating oil furnace is $2.000, the average annual household income is $40,000, The squlibrium quantity in this market is barrels of heating oil er day and the equilibrium price is per barre O Type here to sear
age Learning-Microsoft Edge chtmideploy в 1989492958693678294 1 &eSEN+978 13052 72330&id : 438231384&snapsho NDTAP in Action UANIIIY (unousanas or barters per aay) Income (Thousands of ully, the price of natural gas is $10 per 1,000 cubic feet, the price of an olil furnace is $2,000, the average annual household income is $40,000, cost of crude all is $25 per barrel of heating oil,and the cost of refining oil is sis per barrel of heating oil. he equlilurbum quantity in this market isb Suppose that the cost of refining cl decreases from $15 to $10 for each barrel of heating oil produced. Assuming that the rest of barrels of heating oil per day, and the equilibrium price is per barrel. รupply and demand for heating oil remain equal to their initial values, the market will eventually reach a new equilibrium price per barrel. Reset the calculetor to its intial values. (Mint: When you clok in the box of any changed values, you will see a circular arrow to the left of the box that enables you to reset numbers to their inbal values.) Soppose that Instead of change in the cost of producing heating ell, there was an increase in average annual income from $40,000 to $50,000. It the price of heating oil were to remain at the initial equilibrium price you found in the first question, there would be of heating oil, pressure on prices 6 8 9
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