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a. Using the given supply curve, fill in the values, moving up Price of oil along the curve. per barrel Supply of oil Price Macmillan Learning Quantity Supplied $50 $12 B C D E 30 40 G H 20 15 12 20 25 30 40 48 Quantity of oil (MBD) A. Quantity supplied: million barrels B. Price: $ C. Quantity supplied: million barrels D. Price: $ E. Quantity supplied: million barrels F. Price: $ G. Price: $ H. Quantity supplied: million barrels b. If the price for a barrel of oil was $15, how much oil would oil suppliers be willing to supply? million barrels c. What is the lowest price at which suppliers of oil would be willing to supply 20 MBD? Price: $Supply and Demand: End of Chapter Problem Consider the farmers talked about in the chapter who have land that is suitable for growing both wheat and soybeans. Suppose all farmers are currently farming wheat but the price of soybeans rises dramatically. @ Macmillan Learning a. Does the opportunity cost of producing wheat rise or fall? The opportunity cost of wheat b. Does this shift the supply curve for wheat, or is it a movement along a fixed supply curve? What direction is this This is a to a shift or movement? Illustrate your answer in the graph. Supply . VW N Price of wheat per bushel Quantity of wheat (bushels)Supply and Demand: End of Chapter Problem Suppose that the supply curve for solar panels is as shown in the graph. @ Macmillan Learning The government decides that it would like to increase the quantity of solar panels in use, so it offers a $20 subsidy per Quantity panel to producers. Draw the new supply curve. 80 70 60 50 Price 30 20 10 20 30 40 50 60 70 80 90 100 Supply