Please answer the questions below in a short 3-15 lines summary,
possibly with some simple demand/supply charts. The payment can only
be made to answers for all questions!

1) Explain in words how OPEC attempts to control the world price of Brent oil. 

2) Use an appropriate diagram to show how OPEC's cartel can maximise
profits. Explain your diagram.

3) Use demand and supply diagrams to explain the pattern of Brent oil
prices since 1990.

4) Explain how oil prices affect profits in companies such as British
Airways and plastics producers.

5) Use demand and supply diagrams to show how oil prices can affect
stock market prices for companies such as British Airways and plastics
producers.

6) Make an informed guess as to the value of the price elasticity of
Brent Oil. Explain why you think it might have this value.

7) Explain why Mexico's decision on oil supplies is so important to
OPEC's strategy

8) Try to assess the extent to which the world supply of oil is inefficient.

1 The use of oil is almost independent of the price, so Opec can drive
up the price by a small decrease in the ammount of oil the Opec
members sell. 7 This does not work if non-Opec oil producers increase
the amount of oil they sell. 3 and 6 please explain Brent 4 The amount
of oil used by British Airways and the plastics industry is almost
independent of the price and the sales, so an overhead cost increase
means less profit unless the sales can be increased in unit price or
quantity. 5 If profits go down, stock buyers and speculators are
likely to delay purchases of these stocks and/or sell some of their
stock holdings. Stock prices drop sharply on news of reduced profits
because of more sellers than buyers until the stock is bargain priced
inspite of lower profits. 8 Because the price of oil is typically low
considering the value it will have to humanity in about 100 years, oil
wells are often caped before they are pumped to less than one barrel
per day. Uncapping them later will sometimes be less efficient than
continuing to pump. If you ment insufficient: we can probably not pump
enough oil to supply the needs of the third world, when and if, they
use as much oil per person as the leading countries.   Neil

Brent Oil = Brent crude oil, please assume that this is just a name
for crude oil or a company producing crude oil

I can provide an A grade answer to these questions if anyone would like them.