Now recall that the long-run world oil demand equation is Upper Q equals 41.6 minus 0.12 Upper P and the long-run total oil supply equation is Upper Q equals 26.3 plus 0.071 Upper P. The long-run equilibrium price is $80.10 and the long-run equilibrium quanity is 31.99 bb/yr. Continue to consider a 2.00 bb/yr reduction in oil supply by Saudi Arabia. As a result of this change in supply, the long-run equilibrium price of oil would be increase/decrease by how much in dollars?
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Now recall that the long-run world oil demand equation is Upper Q equals 41.6 minus 0.12 Upper P and...
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