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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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