Solve the Question below:

\"Oil prices slumped at the start of the coronayirus pandemic, but demand has been rising in recent months as economies around the world have started to reopen. Global oil supplies have also taken a hit from hurricanes Ida and Nicholas passing through the Gulf of Mexico and damaging US oil infrastructure. The price of Brent crude oil rose above $80 a barrel on Tuesday (28Ih September, 2021} for the rst time since October 2013 (BBC. 2021 )\". Source: The extract has been taken from: BBC. 2021. Petrol prices at eight-year high amid fuel issues. 28 September. Accessed on 26.10.2021. Questions: a. Using a demand and supply diagram, demonstrate the changes in the market in recent months as described in the extract. Can you predict the change in quantity of petrol sold on the basis of your diagram? b. Explain any two factors that affect price elasticity of demand for petrol and why? c. Suppose. the average demand for petrol reduces by 0.14 percent when the average price of a litre of petrol increases from 135.3?p to 136.59p. What is the price elasticity of demand for petrol (rounded to 2 decimal places}? d. Electric cars and fuel cars can be considered as substitutes in consumption. An increase in price of petrol makes it more expensive to use fuel cars. Assuming the markets for fuel cars and electric cars are perfectly competitive, what will be the effect of increase in price of petrol in both markets (explain using diagrams}