Defining Supply, Demand, and Equilibrium
Please use the word template I uploaded. There are 5 graphs that need to be interpeted.
This assignment will familiarize you with supply and demand graph. In a 1-2 page paper, describe each of the graphs using the criteria below. For these scenarios, barrels of oil are represented along the horizontal x-axis; price per barrel of oil is represented along the vertical y-axis.
Your task is to interpret each graph by stating the following:
Â· Describe the rise or fall in the equilibrium price and quantity.
Â· Describe the factors that may have caused the supply or demand curve to shift to the left or right.
Â· Please identify which determinant or determinants of demand or supply would have accounted for a shift in the supply or demand curve.