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Oil Price Elasticity

Oil price elasticity

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Title: Oil price elasticity

Essay Details:

Subject: Business

Author: Rosa L

Date: February 11, 2015

Level: University

Grade: A

Length: 4 / 1134

Essay text:

This is pushing up the prices of all the raw materials needed in order to create these goods. This rise in price is especially evident in the increase in oil prices, fuelled by: ? The scarcity of the raw material ? The war in Iraq, and ? The new focus on sustainability has also had an impact in regards to resources being spent on technology rather than supply. The lack of oil availability has meant that more money is being spent on technology in the hope of finding an alternative to oil scarcity, rather than on increased oil exploration and extraction. Price Elasticity of Demand Crude oil is an inelastic good...

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