Understanding Crude Oil Demand

Code :ECC0060

Year :

Industry :-

Region : India

Teaching Note:Available

Structured Assignment : Not Available

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A normal demand curve shows a definite inverse relationship between the market price of a product and the quantity demanded of that product, other factors held constant. But there have been situations in the crude oil market in which there was a positive relationship between the market price and the quantity consumed. Moreover, the responsiveness of change in the quantity demanded of oil in the market was not uniform with the change in price. The demand for oil is mostly derived from other factors such as increased incomes and the availability of cost effective substitutes.

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Pedagogical Objectives:

  • To understand the law of demand
  • To understand the exceptions to the law of demand
  • To analyze the demand function and shifts in demand (changes in quantity demanded and changes in demand)
  • To understand the types of elasticity of demand
  • To understand Giffen goods and derived demand

    Keywords :Crude oil demand; Law of demand; Demand functions; Exceptions to the law of demand; Shifts in demand; Movement along the demand curve; Fluctuations in oil price; Price elasticity of demand; Income elasticity of demand; Cross price elasticity of demand; Derived demand; Giffen Good; Non price factors of oil demand; Infrastructure development and demand for oil

    Contents :

    Introduction >>

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