Suppose that the quantity demanded in the world market

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Suppose that the quantity demanded in the world market is given by the demand function Qd = 80-0.4P Where P is the price in dollars per barrel and Qd is the quantity in millions of barrels per day. The quantity supplied is given by the supply function Qs = 55+0.6P analyze the possible impact on the world oil market of recent events in middle east, particularly in libya one of leading producer. show graphically the changes in market equilibrium price and quantity. explain carefully.?

Reference no: EM131101550

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