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Graph. Construct a properly labeled graph of supply AND demand for the market discussed in your article. Label the initial demand ( supply ) curve
Graph. Construct a properly labeled graph of supply AND demand for the market discussed in your article. Label the initial demand supply curve DS and the initial equilibrium price and equilibrium quantity Pe and Qe respectively.
Now, staying on the same graph, if your topic is demand draw in the new demand curve and label it D Leave the supply curve alone. Find and label the new equilibrium values Pe and Qe If you've chosen to write about supply, draw in the new supply curve label it S to show the increase or decrease in supply. In this case, let the demand curve stay put. Label the new equilibrium values Pe and Qe This graph would be based off the demand for oil prices. Brent futures for June slipped cents, or to $ a barrel by GMT while US crude futures for May fell cents, or to $ a barrel. Demand Curve D: Represents the quantity of oil demanded at various price levels. Lets assume that the initial demand curve is downwardsloping.
Supply Curve S: Represents the quantity of oil supplied at different price levels. Well assume that the initial supply curve is upwardsloping.
Equilibrium Price Pe: The price at which the quantity demanded equals the quantity supplied.
Equilibrium Quantity Qe: The quantity of oil traded at the equilibrium price.
Graphical Representation:
Lets create a graph with price P on the vertical axis and quantity Q on the horizontal axis.
Please DRAW the graph for me
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