“I have already submitted this assignment for grading, and my professor sent back his recommendations. Please review comments from professor on slide 1 and 11. “
Explain and demonstrate knowledge of concepts including the supply/demand relationship, price ceilings and floors, and market surpluses and shortages.
Oil Company X is a large oil refinery which has been expanding and taking on new investment projects. Recently, they have considered building a pipeline that stretches across the United States, from Canada to New Orleans.
The Board is considering a proposal to increase their oil stores to better prepare for events that impact the market price of oil. They have asked you, as a member of the Cost Department, to determine events that effect the price of oil. They have requested a report explaining the various effects of these events on equilibrium price and quantity.
As a cost analyst at your firm, you are asked to evaluate the effects that the following scenarios will have on the supply and demand of oil in the oil market. You will submit a PowerPoint document with any relevant graphs, including a narration of the shift changes as if you were explaining them to the Board.
Using the drawing tools in PowerPoint, graph the changes to the supply and demand curves in response to the following events:
- Natural disaster near the outlet of the pipeline.
- Natural disaster near the inlet of the pipeline.
- Increase in availability of alternative energy sources.
Be sure to provide an oral explanation to justify why the supply and/or demand curve would shift, the direction of the shift, and the new resulting equilibrium price and equilibrium quantity. Remember that you do not need to include actual figures, but rather explain if the price and quantity would be increasing or decreasing. You can use the drawing tools within PowerPoint to draw your graphs. Also, be sure to include the change in the resulting equilibrium price and equilibrium quantity if any curve shifts occur.
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