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i want to answer the five questions that will find them in the article which attatched with my order .
You must find additional material regarding the issue featured in your allocated topic, including additional data for other countries and/or years.
Questions:
1-What do you understand by the term’ demand for oil?
2-From the information in the article, what are the demand factors that are influence international oil prices? What are the supply factors that are influence international oil prices?
3-Illustrate the combined effect of the factors you have outlined in Question 2 on the market for oil. Explain any shifts in the demand or supply curves.
4-Illustrate on a separate diagram how changes in the market for oil in Question 3 are likely to affect the price and quantities traded of petrol in Australia. Explain any shifts in the demand or supply curves.
5-What is the relationship between oil and petrol? How does price elasticity of demand and supply influence price and quantity outcomes in the markets for substitutes?
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