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In the past few months, oil prices have skyrocketed. Based on this premise, using economic concepts that you have learned from ECO 101, provide your arguments on how it impacts the following perspectives: (i) impact on demand and supply of oil (ii) impact on complementary and/or substitutable goods (iii) impact on goods in which oil serves as an input (iv) impact on the short-run and long-run (v) Elasticity (iv) impact on the parties who loses or gains, etc. You do NOT have to discuss all implications, rather, you must choose 3 implications and support your arguments. You are encouraged to use online news articles, paper articles to support your argument. Your task I
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