Draw a new supply and demand graph

Assignment Help Business Economics

Reference no: EM13159018

a) Draw a supply and demand graph for crude oil. Label the equilibrium P and Q. Show the consumer and producer surplus.

b) Draw a new supply and demand graph showing the original equilibrium and what happens if major new oil reserves are discovered increasing the production of oil. Label the old and new equilibrium P and Q.

c) Draw a new supply and demand graph showing what happens when world economies strengthen so that buyers need more oil.

d) If both b) and c) happened at the same time what could you say about equilibrium P and Q?

e) Draw a new supply and demand graph showing what happens in the market for fuel efficient cars if only part c) has occurred. Label both old and new equilibrium P and Q.

Reference no: EM13159018

Questions Cloud

Will average expected rates of return rise or fall : If investors dislike of risk grows more intense while the risk-free interest rate is constant, will average expected rates of return rise or fall?

How are somatic cells able to replicate its dna : How are somatic cells able to replicate its DNA and how would you identify the stages a cell cycle is undergoing?

Calculate the net gross margin variance : Determine the gross margin mix, selling price, and sales volume variances. Calculate the net gross margin variance directly; then as a check see if it equals the sum of the three variance components you calculated individually.

The ways that penicillin and lysozyme kill bacteria : can you describe four different significant differences between the ways that penicillin and lysozyme kill bacteria? ( in 200 words)

Draw a new supply and demand graph : Draw a new supply and demand graph showing what happens in the market for fuel efficient cars if only part c) has occurred. Label both old and new equilibrium P and Q.

Issue of ethical relativism and ethical non-relativism : Concerning the issue of ethical relativism and ethical non-relativism, which is the best position to take on ethics?

How many grams of nh3 will be produced : how many grams of NH3 will be produced? Which reactant remains in excess, and in what mass?

Why do you suppose r was included in the equation : Why do you suppose R was included in the equation as a variable? If you were a supplier to the furniture manufacturer.

How many grams of oxygen must react : octane gas reacts wuth oxygen to form carbon dioxide gas and water as a gas. write balanced equation. how many grams of oxygen must react with 50 grams of hexane gas?

User Account

All Pages