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Essay

Forecasting Oil Price and Demand

Essay specific features

 

Issue:

Business

 

Written by:

Michael B

 

Date added:

February 21, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1268

 

Was viewed:

1092 times

 

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Essay content:

On a single day, say 1 Nov 2006, the demand would be 86.5 million bpd (barrels per day). Year World Population (Millions) Billion barrels Consumed Per Year World (bcy) barrels/capita per year Price/barrel 1986 4890 22.54 4.60 $ 32 1989 5150 24.04 4.67 $ 32 1992 5400 24.43 4.52 $ 29 1995 5610 25...
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Hence, for the purpose of estimating the oil price in 2011, we can assume that the supply curve will remain constant and will not shift. Oil - Elasticity of Demand2: Based on various research studies, it has been determined that the oil elasticity of demand is approximately - 0.3. For our estimation for the oil price on 1 Nov 2011, we will assume that this remains constant and it is the whole demand curve that shifts outwards to the right, with the same slope (due to the increased demand as a result of world population growth and a proportional increase in GDP)...
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General issues of this essay:
Forecasting Oil Price and Demand Supply Demand Price Supply, Demand and Price Supply, Demand, and Price Supply, Demand, and Price supply, demand, and price change Price elasticity of demand Price Elasticity of Demand Price Elasticity of Demand Price Elasticity of Demand Demand Analysis: Price Elasticty Price/Income Elasticity of Demand Verizon Wireless - Price of Demand The Effect of Price Elasticity of Demand in Airline Industry Changes in Supply, Deman and Price
 

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