I need assistance with understanding equilibrium price and quantity in economics. This problem requires you to get the first answer right to fill out the rest of the blanks.

Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. (Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.) Graph Input Tool Market for Heating Oil Market for Heating Oil Price of Heating oil 30 (Dollars per barrel) Supply Quantity 100 Quantity Supplied 60 Demanded (Thousands of Thousands of barrels per day) barrels per day Demand Shifters Supply Shifters PRICE (Dollars per barrel) Price of Natural 10 Cost of Crude Oil 25 Gas Per barrel of mand (Dollars per 1,090 heating of) cubic f.) Price of an Oil 200 Cost of Refining Oil 15 Furnace (Per barrel of (Dollars per heating of) furnace) 20 40 60 80 100 120 140 1 Average Annual QUANTITY (Thousands of barrels per day) 40 Income (Thousands of dollars) Initially, the price of natural gas is $10 per 1,000 cubic feet, the price of an oil furnace is $2,000, the average annual household income is $40,000, the cost of crude oil is $25 per barrel of heating oil, and the cost of refining oil is $15 per barrel of heating oil. The equilibrium quantity in this market is barrels of heating oil per day, and the equilibrium price is 3 per barrel. Suppose that the cost of refining oil decreases from $15 to $10 for each barrel of heating oil produced. Assuming that the rest of the determinants of supply and demand for heating oil remain equal to their initial values, the market will eventually reach a new equilibrium price of |S per barrel. Reset the calculator to its initial values. (Hint: When you click in the box of any changed values, you will see a circular arrow to the left of the box that enables you to reset numbers to their initial values.) Suppose that instead of a change in the cost of producing heating oil, there was an increase in the price of natural gas from $10 to $15 per 1,000 cubic feet. If the price of heating oil were to remain at the initial equilibrium price you found in the first question, there would be of heating oil, which would exert pressure on prices. to search O a