Read the Market for Oil article. (You can find it under the Tutorial heading in the Week 3 tab.) Consider the following questions for discussion in your tutorial.Identify the stakeholders in the market for oil and categories them into primary and secondary stakeholders.​​Illustrate the effect of a cut down in oil production on the market for Petrol.Is the price elasticity of (worldwide) demand for oil likely to be relatively elastic or inelastic? Why?Is the price elasticity of (worldwide) supply for oil likely to be relatively elastic or inelastic? Why?Given the numbers in the Bartholomeusz article and your answers to the previous questions, is Russia's move likely to increase its oil revenues? How does your answer depend on the answers to questions 3 and 4?

Bringing oil to the market is a relatively long and costly process. The whole process from exploration to pumping significant amounts of oil can take years. What does this indicate about the price elasticity of supply for oil? The elasticity coefficient is likely to be very high, and supply is inelastic. The elasticity coefficient is likely to be close to zero, and supply is perfectly elastic. The elasticity coefficient is likely to be low, and supply is highly elastic. The elasticity coefficient is likely to be low, and supply is highly inelastic.

If a 40 per cent rise in the price of oil caused the quantity demanded to fall by 10 per cent, the price elasticity of oil over this range will be (ignore the signs):Group of answer choices0.404.000.200.25

Explain the types of elasticity of demand.

According to the BP study, how is the social cost component of oil price likely to vary as a response to economic diversification of the exporting country?1 pointNaturally declineIncrease, taking into account other countries practicesRemain stable, as social costs are not a determinant component of oil pricesNaturally increase

Explain the factors affecting elasticity of demand