Draw the us demand and supply curves for oil and indicate, Ask an Expert

Economics

US imports oil at the world price, $75 per barrel. The domestic supply curve in barrels per day is S = 1600000 + 170000P 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 much is imported in barrels of oil and its value per year.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9440814

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