The chart below shows the price of oil ($ per barrel) between Feb 22 and Mar 7, 2022.FRED- Crude Oil Prices: West Texas Intermediate (Wm) - Cushing, Oklahoma120115110105100952022-00-222022-02-242022-02-262002-02-282002-03-022022-03-042022-03-06Part (a) Explain the qualitative shift between February 22 and March 7 using standard supplyand demand analysis.Part (b) The following table shows oil production in 2020 of the top-ten oil-producing countries.For reference: Total world oil production in 2020 was approximately 76,000,000 barrels(bbl)/day.Oil productionCountry2020 (bbl/day)l1)United States11,307,5602Russia9,865,4953Saudi Arabia (OPEC)9,264,9214 11 Canada4,201,1015Iraq (OPEC)4,102,311| China3,888,9896United Arab Emirates (OPEC)3,138,24978| Brazil2,939,9509Iran (OPEC)2,665,80910Kuwait (OPEC)2,625,145What is the approximate magnitude of the price change displayed in part (a)? Explain how thisprice change is quantitively consistent with the information in the table above.Dollars per Barrel

Date Price of Oil 22-02-2022 92 24-02-2022 93 26-02-2022 91 28-02-2022 96 02-03-2022 111…

Answered: FRED 120 Barrel 115 110 - Crude Oil…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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FRED 120 Barrel 115 110 - Crude Oil Prices: West Texas Intermediate (WTI)-Cushing, Oklahoma