The elasticity of demand for oil is about 0.5, and the elasticity of supply is about 0.3. if the arctic national wildlife refuge (anwr) were drilled and the world supply of oil increased by 3%, what is the estimated percent change in the world price of oil?
a. -1.25%
b. -3.75%
c. unknown
d. -2.50%

The estimated percentage change in the price of oil=10%

Explanation:

Elasticity of supply is a measure of how the supply of a particular commodity or product changes with price change.

Elasticity of supply can be expressed as;

Elasticity of supply=Percentage change in quantity supplied/percentage change in price

where;

Elasticity of supply=0.3

Percentage change in quantity supplied=3%

Percentage change in price=unknown=x

replacing;

Elasticity of supply=Percentage change in quantity supplied/percentage change in price

0.3=3%/x

x=3%/0.3

x=10%

The estimated percentage change in the price of oil=10%

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

questions answered: 9741

questions asked: 162

no. of brainliest answers: 1575

brainliest answers in last 30 days: 10

warnings: 0 view

questions/answers reported: 2637

questions/answers incorrectly reported: 64

look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

~