Suppose that the world price of oil is $32 per barrel and that the United States can buy all the oil it wants at this price. 1.) Using the line drawing tool, draw a line at the world price of $32 per barrel. Label this line 'Pworld' 2.) Using the point drawing tool, determine quantity supplied at $32 per barrel. Label this point 'P₁1'. 3.) Using the point drawing tool, determine quantity demanded at $32 per barrel. Label this point 'P₂'. Carefully follow the instructions above and only draw the required objects. 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- ỏ 2 U.S. Market for Crude Oil 4 Sus 16 10 12 14 Millions of barrels per day DU.S. 18 20
Suppose that the world price of oil is $32 per barrel and that the United States can buy all the oil it wants at this price. 1.) Using the line drawing tool, draw a line at the world price of $32 per barrel. Label this line 'Pworld' 2.) Using the point drawing tool, determine quantity supplied at $32 per barrel. Label this point 'P₁1'. 3.) Using the point drawing tool, determine quantity demanded at $32 per barrel. Label this point 'P₂'. Carefully follow the instructions above and only draw the required objects. 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- ỏ 2 U.S. Market for Crude Oil 4 Sus 16 10 12 14 Millions of barrels per day DU.S. 18 20
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Sh 5
Economics
Transcribed Image Text:Concept Question 2.5
Suppose that the world price of oil is $32 per barrel and that the United
States can buy all the oil it wants at this price.
1.) Using the line drawing tool, draw a line at the world price of $32 per
barrel. Label this line 'Pworld'
2.) Using the point drawing tool, determine quantity supplied at $32 per
barrel. Label this point 'P₁'.
3.) Using the point drawing tool, determine quantity demanded at $32 per
barrel. Label this point 'P₂'.
Carefully follow the instructions above and only draw the required objects.
44-
40-
36-
32
28-
24-
20-
16-
12-
0
2
U.S. Market for Crude Oil
SU.S.
Question Help
DU.S.
6 8 10 12 14 16 18 20
Millions of barrels per day
O
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