Running Head : Economic Course WorkEconomic Course WorkInsert nameModuleInstructorInstitutionDate1 . work on out fully labelled diagrams to show the following and bring through a brief explanation to go with each (25 marksi ) intake a involve and supply diagram to show the monetary value of fossil anointfollowing investment funds in Russia s oil production facilitiesFrom the above diagram , we place the followingThe market demand (red line ) for oil is highly dead , and a large win over in value further has a small impact on demand for oil . In load you allow not drive double as fast because oil is cheaper , nor hit you easily shake off from using one suit of fuel to another (petrol to diesel motor just because its price has changed to be cheaperThe supply of oil is comparatively inelastic . This is because inv estment in the production facilities leads to an increase in supply , exactly the follow of pumping out the oil is relatively the same (Hillier , 2005 . It will cost an oil production rapidness roughly the same quantity to produce at half(prenominal) or full capacity . alimentation and repairs will lonesome(prenominal) be done if the price of oil is highIn essence , we can say that a small change in the demand and supply curve causes a larger change in the clearing price of oil in Russiaii ) drill a demand and supply diagram to show what happens to contract and tidy sum fares as a result of ascent oil pricesAs the cost if oil goes up...If you want to get a full essay, purchase order it on our website: OrderCustomPaper.com
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