Suppose there are claims that a new war in the persian gulf could shift the world supply curve to the left, causing the world price of oil to soar regardless of whether we drill in anwr. how accurate is this claim? use the same type of analysis as in the text solved problem to calculate how much a shock would cause the price to rise without and with the anwr production. according to the solved problem, demand is initially: qequals117.50minus0.47p and supply is initially qequals70.50plus0.47p (without negative oil shocks and anwr oil production). now incorporate a negative oil shock of 4 million barrels a day (shifting the supply curve for oil to the left by that amount). without the anwr production, price rises by $ nothing per barrel. (enter a numeric response using a real number rounded to two decimal places.)

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answerone player's optimal action choice taking the other player's action as given;