on 1/20/09 - $38.74 per barrel!!!
what drove prices up? - speculation /expectation
what drove them down? -
Market demand
- D is quantity of good aquired by consumers in period of time depending on price and other factors
- text indicates direct D and derived D
- Distinction based on whether consumer value (utility) is directly served not:
- direct D would be from immediate consumption of a good
- Derived D can be by firms (inputs to some other outputs that generate value)
- Derived D - can be for consumer products - gasoline or autos?
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