Question

Please help me with my Econ homework?

Suppose that the world price of oil is $80 per barrel and that the United States can buy all the oil it wants at this price. Suppose also that the demand and supply schedules for oil in the United States are as follows 9. Market for Crude Oil U.S. Quantity U.S. Quantity ($ per Barrel) Demanded 26 24 Supplied 60 65 70 75 16 18 20 18 1.) Using the mutipoint curve drawing tool, draw the U.S. supply curve for ol. Properly label your line 2) Using the mullipoint curve drawing tool, draw the U.S demand curve for oil Properly label your line. Carefully follow the instructions above and only draw the required objects With free trade in oil, what price will Amoricans pay for their oil? Americans will pay $ 10 12 14 16 18 20 22 24 26 28 30 Milions of barrels per day Ater plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line. per barrel At this price, the U.S. dermand schedule shows that Americans will buy million barrels per day and U.S. producers will supply million barrels per day. The remaining demand will be met by milion barrels from foreign sources Suppose the United States imposes a tax of $5 per barrel on imported oil. What quantity wouild Americans buy? At this price, Americans will buy producers would supply be met by importing How million barrels per day and U.S. million barrels. The remaining dermand will million barrels from foreign sources much tax would the government collect? The government would collect As a result of the oid import tax, who is harmed among the following groups? million tax per day O A. Domestic oil consumers O B. Domestic oil producers

Answer 1