Draw the us demand and supply curves for oil


US imports oil at the world price, $85 per barrel. The domestic supply curve in barrels per day is S = 1500000 + 150000P with P in dollars. Domestic demand curve is D = 75,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.

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Microeconomics: Draw the us demand and supply curves for oil
Reference No:- TGS060092

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