30. Consider the following events (i) through (it). Decipher how each event will inuence the world demand and supply of oil (shift left, shift right, or no shift) and resulting impact on the price of oil (up or down). Provide a brief (one sentence) reason why i.e. what determinants of supply or demand are changing to cause the resultant effect. If the answer is not clear, say so. (5 pts each) (Tip: For your own guidance, I recommend you draw a demand and supply diagram for the oil market as it is the easiest way to track price changes when the curves shift. The more work I see, the more partial credit I can give!) SHIFTS: SIITFTS: MOVES: reserves off its coast Reasoning: The expectations of the consumer is affected because they feel the price of oil will rise. ii. New electric-powered cars are a Shift right No shift hit with US consumers Reasoning: A change that makes a good more desirable means more of the goods will he demanded. consumer incomes worldwide Reasoning: the income of the consumer will be reduced due to the recession and there will be a lesser price for cost of production iv. Coal miners go on strike in Shift left Shift left down Euro e, man coal mines shutdown Reasoning: There are no coal miners available which brings about a less supply of coal. v. More efcient oil drilling No shift Shift right up e ui ument is introduced