PhD Macroeconomics question
This problem is for a PhD program. It is very important that this is completed correctly. Do not use AI. The answer must be uploaded in a Microsoft word document and Microsoft excel document for the chart.
-Use hypothetical data for oil on quantity demanded and associated price and derive a demand curve in two-dimensional domain.
-Calculate the elasticity of demand for each point.
If the elasticity of demand is inelastic and price increases, what will be the effect on the purchasing behavior of the consumers?
-Ensure your table (of quantity demanded and respective price) be well designed with at least 7-9 price-quantity data points.
-Insert the elasticity formula on the top row of the table.
-After numerical analysis, give your single sentence policy opinion regarding the effect of price change.
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