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Draw the appropriate shifts in the demand and supply curves

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In March 2002 the retail price of Price ($/barrel) $1990 gasoline was $1.19 per gallon - exactly the same as it was in August 1990. Yet, total gasoline production and consumption rose $1.19 from 6.6 million barrels per week in 1990 to 8.7 million barrels per week in 2002. Using the graph below, draw the appropriate shifts in the demand and supply curves D19so to explain these two phenomena. 0 6.6 Millions of barrels/week

Reference no: EM133131368

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