Explain it in depth like the last time

Reference no: EM13677478

An you please also explain it in depth like the last time.

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 events in the Middle East disrupt the production of oill. 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. Label both old and new equilibrium P and Q.

Reference no: EM13677478

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