In this study we will examine oil supply and gasoline demand in a small (fictional) community. In connection with this we analyze the economics involved in the sale of oil and the purchase of gasoline. Specifically, we will be concerned with cost, revenue and profit associated with the production and sale of a product. The study is divided into four parts.
- Step 1: Cost of Oil
- Step 2: Revenue and Profit
- Step 3: Supply Curve
- Step 4: Supply, Demand and Equilibrium
