Question

Demand for oil in India
India is the world’s seventh-largest consumer of oil. Demand for oil could more than double in the next 15 years because of strong industrial growth and increasing numbers of Indians who will be able to afford to buy cars and motorcycles. As demand grows, so will India’s dependence on imports. India imports around 70% of its oil.
(a) Explain using a demand and supply diagram what the article says will be the likely change in the market for oil in India in the next 15 years. [5]

(b) Using a demand and supply diagram, analyse the effect of an increase in the costs of producing copper on the market for copper. [6]

2. Prices in a market are determined by the conditions of demand and supply and these conditions can change for a number of different reasons at any time.
(a) Describe what is meant by demand. [2]
(b) Using a demand and supply diagram, analyse the likely effect of an increase in advertising on the equilibrium price and equilibrium quantity of a product in a market. [6]

Answer 1

Answer:

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