Draw the demand and supply curves for oil

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US imports oil at the world price, $35 per barrel. The domestic supply curve in barrels per day is S = 3500000 + 350000P with P in dollars. Domestic demand curve is D = 60,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how much is imported or exported in barrels of oil and its value per year.

Reference no: EM131083800

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Draw the demand and supply curves for oil : US imports oil at the world price, $35 per barrel. The domestic supply curve in barrels per day is S = 3500000 + 350000P with P in dollars. Domestic demand curve is D = 60,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate h..

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