Demand and supply curves
The following relations describe demand and supply conditions in the oil industry
Qd= 525, 000 minus 7500P (Demand)
Qs= negative 150,000 + 15,000P (Supply)
Where Q is quantity measured in millions of barrels of P is price in dollars
Complete the following table
| Price |
Quantity Supplied |
Quantity Demanded |
Surplus (+) or Shortage (-) |
| -1 |
-2 |
-3 |
(4)= (2) minus (3) |
| $35 |
|||
| 30 |
|||
| 25 |
|||
| 20 |
|||
| 15 |