Draw the us demand and supply curves for oil

Reference no: EM13504161

US imports oil at the world price, $90 per barrel. The domestic supply curve in barrels per day is S = 1500000 + 150000P with P in dollars. Domestic demand curve is D = 65,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how many barrels are imported per day and the value per year.

Reference no: EM13504161

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