c. is the demand for crude oil inelastic or elastic? explain in detail. (10 pts) d. is the supply of crude oil inelastic or elastic? explain in detail. (10 pts) e. assuming that the demand for crude is inelastic, what will happen to market price and production if the supply of oil increases? (10 pts) f. assuming that the supply for crude is inelastic, what will happen to market price and production if the demand for oil declines? (10 pts)
