[discussion_vu] idea sol GDB ECO401 by Fizza Dastgir

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From: bc090402192 Iram Liaqat <bc090402192@vu.edu.pk>
Date: Mon, Jun 6, 2011 at 11:14 PM
Subject: Re: ::: vuaskari.com ::: idea sol GDB ECO401 by Fizza Dastgir
To: vuaskari_com@googlegroups.com


plz send me the solution cs304 and phy301 ssssssssssooooooooooooooooon

On Tue, Jun 7, 2011 at 4:02 AM, Fizza Dastgir <mc090405569@vu.edu.pk> wrote:

Total Marks 3

Starting Date Tuesday, June 07, 2011 

Closing Date Thursday, June 09, 2011

Question/Description

The major oil producing countries had made a cartel named "OPEC" (oil producing and exporting countries) in 1960. OPEC exports oil to rest of the world; there are significant problems for entrance in the market for oil. In which market structure this case falls and why the demand curve of oil is relatively inelastic?

NOTE: your answer must not exceed from 50 words.

IDEA SOLUTION

by

FIZZA DASTGIR

VU ASKARI

Part A: In which market structure this case falls?

Market structure: oligopoly

Part B: Why the demand curve of oil is relatively inelastic?

Oil Industry lies in the oligopolistic market structure which has few no of sellers in the market and people are bound to fulfill their needs through this limited supply, so price rise does not effect much on their demand. secondly the oligopolists are well aware of moves. Thats why demand curve of oil is relatively inelastic.

Best of luck to all

--

FIZZA DASTGIR BHATTI

*~*~*~*~*~*~*~*~*~*~*~*

MC090405569 

MBA - ISLAMABAD

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