Answer the following questions
Considering the demand and the supply sides of the crude oil market, provide a comprehensive analysis of domestic and international factors that may be driving the increases in the price of crude oil since 2016.
If the price of crude oil continues to increase, how will the increases affect your buying behavior in the short-term and in the long-term, considering that the demand for most of the products derived from crude oil are typically inelastic?
Explain how changes in the price of gasoline affect your buying behavior of related goods like cars, the use of public transportation, vacations etc.?
Research shows that the demand for gasoline is inelastic. Suppose the price of gasoline continues to rise into the foreseeable future, as predicted. How would your purchases change in the short-term and in the long-term? Explain.
Suppose you have become very informed and convinced about the harmful effects of carbon emissions on both the environment and on public health. Will this newly acquired information change your demand for gasoline or the quantity of gasoline demanded? Explain.
Will the increase in the production of affordable electric cars change your demand or quantity demanded of gasoline? Explain.