Figure X The figure to the right shows the initial market supply (S, ) and market 360- demand (D, ) curves for the oil industry 340- 320- along with the industry's long-run 300- supply curve (SL). 280- 260- Movement up along the long-run 240- industry supply curve is indicated by 220- the rightward shift in demand to D2. 200 Dollars per barrel 180 160- 140 120 100- 80- 60- Sy ND .D2 40- 20- 0.0 04 0.8 1.2 1.6 2.0 2.4 2.8 Output (barrels per day in 10,000s) Print Done JUL 11 tv 4Click the following icon to view additional information necessary to complete the exericse. a Suppose market demand for oil increases to '32- as illustrated in the reference gure. In the graph for the representative rm, show the new long-run average cost curve. Using the three-point curved line drawing tool, on the gure to the right, graph the new long-run average cost curve. Label this curve LRACZ. Carefully follow the instructions above, and only draw the required object. Dollars per barrel 360 340 320 300 280 260 240 220 200 180 1 60 140 120 100 80 60 40 20 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 put (barrels per day in 1005) 2.4 2.7