Us imports oil at the world price 90 per barrel the


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.

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: Us imports oil at the world price 90 per barrel the
Reference No:- TGS0772097

Expected delivery within 24 Hours