All one question answer all please

11. a. Graphically depict the United States market for oil in equilibrium when the U.S. is in isolation that is, the domestic market for oil in the U.S. does not participate in the world market for oil. Label the equilibrium price and quantity P and Q", respectively. b. Assume the U.S. enters the world market for oil. Say the world price of oil is lower than P. Graphically depict what happens in the U.S. market for oil using the same graph as part (a). Clearly label each of the following: i. world price, PWORLD I ii. quantity of oil purchased by U.S. consumers, es quantity of oil produced and sold by U.S. producers, 0 iv. whether the U.S. is an importer or exporter of oil in the world market by labelling the quantity of oil imported/exported. QIMPORTS/QEXPORTS c. Say Tesla invents a very low-cost method of producing high-quality electric cars and, as a result, 90% of households in the U.S. substitute their gasoline-powered cars with electric cars. Assume this causes a decrease in the domestic demand for oil in the US, such that the new equilibrium price that would prevail in the U.S. market for oil in isolation, Prew, is lower than the world price of oil, PWORLD, which remains unchanged (.e., nothing happens to the demand for oil in the world market). Graphically depict what happens in the U.S. market for oil using the same graph as parts (a) (b). Clearly label cach of the following: new domestic demand for oil DDOMESTIC ii. new equilibrium price that would prevail in the US market for oil in isolation Prew new quantity of oil purchased by U.S. consumers, 06 iv. new quantity of oil produced and sold by U.S. producers as new quantity of oil imported/exported, Q.MPORTS/QEXPORTS d. Relative to part (b), what happens to consumer surplus, producer surplus, and total surplus once the domestic demand for oil decreases as described in part (c)? 111. V