Use the following to answer questions: 
-(Table: Demand for Crude Oil) Look at the table Demand for Crude Oil. Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil equals zero. Suppose that the two firms are maximizing industry profit and splitting the profit evenly. If the industry is operating in perfect competition, the industry output will be _____ barrels, and the price of crude oil will be _____.
Definitions:
Population
The entire pool from which a statistical sample is drawn and to which we seek to generalize our results in a study.
Microwave Ovens
Electrical appliances that use microwave radiation to heat or cook food quickly through dielectric heating.
Parameter
A numerical characteristic of a statistical population, such as mean or standard deviation, that describes an aspect of the population.
Statistic
A numerical characteristic derived from a sample, used to estimate aspects of a population.
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