Oil Prices(2021). Events affecting the price per barrel of oil globally is getting much attention. Analysts point to progress in Western countries with vaccination programs and also to the spell of cold weather . Now the world's largest oil producer, Saudi Arabia surprised oil markets when it announced in February 2021 that it would stick to the plan of reducing a million barrel a day of production in February and march. Using the panel of supply and demand graphs shown below labeled (a) to (d). Which panel accurately traces the changes described in the market for oil? Price per Unit Price per Unit Quantity (a) Quantity (b) Price per Unit Price per Unit Do Quantity (S) Quantity (d) Figure 3.3 Shifts of Supply and Demand 5 Consider the American car industry represented by Supply and Demand curves where So and Do represent the original conditions. Use the information below to answer these questions about this market. Note that S1 and DI represent changes in supply and Demand conditions. Please write the explanations in the blank spaces provided. The original equilibrium price p3_ Original equilibrium quantity Q1 5 (a) It is Sept 27, 2019. If the value of the Euro dropped to 1.17 euros against the dollar (whereas in March 2019 1 euro = $ 1.25) then the new equilibrium would now be at 'X' or at 'Z "? Explain why here: 5 (b.) Because of the situation in (a) if Trump's advisors Do recommend new tax breaks for the auto industry, then the market should go from point to point Explain why this may happen by m . specifying the variable that is changing