Question

Some hate it and some love it, but regardless of how you feel oil is still a key part of our daily lives. The average Canadian uses about 20 barrels of oil each year, equivalent to about one and a half swimming pools. Since it is such a major part of our expenses, oil is a product where, when price changes, we really notice.In 2008, China’s expansion sparked a long period of high prices. In this case study, we will analyze what has happened to these prices over time and the impact this has had on oil producers from the lens of producer theory. To simplify our case study, let’s assume that the oil market is perfect competition.What are the firms profits at this price?Based on the information given about this market, what do you think the time horizon will be for this industries ‘long run’? What will happen in the long run?

Answer 1

Answer:

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