Explain the news in regard to the cross elasticity of demand


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Your discussion should summarize the articles in such a way that it can justify any arguments you may present in your PA homework and should be different from the abstract. In addition to your researched peer-reviewed article, you must include an example of the article researched as it is applied by industry (company, business entity, and so forth).

Professional Homework

Write four pages about the following scenario. Keep in mind that this homework is quantitative, therefore do not forget to use the figures and charts.

Price of oil in international markets has dropped stunningly 60% in the past twelve months. Among the factors mentioned behind this drastic fall is the millions of barrels of oil produced in the US called shale oil." and analyze:

o The market structure for oil industry
o The supply and demand for oil in that market structure
o The pricing of oil at the presence of OPEC and the role of Speculators
o Why shale oil is a substitute for oil and explain the news in regard to the Cross elasticity of demand.

Format your homework according to the following formatting requirements:

o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.

o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.

o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.

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Microeconomics: Explain the news in regard to the cross elasticity of demand
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