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Describe the rise or fall in the equilibrium price

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Reference no: EM13759591

Familiarize you with supply and demand graph. For these scenarios, barrels of oil are represented along the horizontal x-axis; price per barrel of oil is represented along the vertical y-axis.

Your task is to interpret each graph by stating the following:

  • Describe the rise or fall in the equilibrium price and quantity.
  • Describe the factors that may have caused the supply or demand curve to shift to the left or right.
  • Please identify which determinant or determinants of demand or supply would have accounted for a shift in the supply or demand curve.

Graph 1

660_graph.png

Graph 2

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Graph 3

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Graph 4

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Graph 5

2394_graph4.png

Reference no: EM13759591

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