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Use the following information on the supply and demand for oil in the hypothetical country Economica to answer the questions below. Assume that the
Use the following information on the supply and demand for oil in the hypothetical country Economica to answer the questions below. Assume that the demand and supply curves are linear. It is possible to answer question 1 without drawing a graph, but a graph will likely be helpful. Question 2 require2 a graph. You may use the template at the end of the problem (the top portion will be more useful for problem 2 and the bottom graph for problem 1) or draw your own graph. Domestic Domestic Price ($) Demand Supply 0 160 0 20 140 20 40 120 40 60 100 60 80 80 80 100 60 100 120 40 B120
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