i. Consider the market for lithium. Using a single, fully-labelled demand and supply diagram, illustrate the combined demand and supply effects that have taken place in the lithium market over the past 3 years. Discuss the factors that have driven the changes to demand and supply and the effect on equilibrium price and quantity. [Note: You do not need to use actual data for this diagram and you can assume the market is competitive as assumed in Chapter 4 of Gans et al. (2018)].
ii. Using a fully-labelled demand and supply diagram representing the market for oil, illustrate the likely long-term effects that the lithium market might have on the market for oil. Provide an explanation of your analysis as well as the relationship between the two markets. [Note: You do not need to use actual data for this diagram and you can assume the market is competitive as assumed in Chapter 4 of Gans et al. (2018)]. What effect might the increasing availability of lithium over time have on the own-price elasticity of demand for oil? [Note: You do not have to show this in your diagram]
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more