Quantitative Literacy Assignment NAME____________________________ Supply & Demand ECO 2003 BANNER ID______________________

Unit I Article Critique Your task is to offer a detailed critique of a peer-reviewed article you locate in the attachment.

April 12, 2015

Describe some of the risk management techniques and tools available to a PM and demonstrate how you would apply it to assessing the risk involved with implementing a service or product improvement or to the design of a new service or produc

April 12, 2015

Quantitative Literacy Assignment NAME____________________________ Supply & Demand ECO 2003 BANNER ID______________________

Consider the table below for the supply and demand for oil in the United States.

Supply and Demand for Oil – U.S.

Price (Y Axis) $ per barrel	Quantity Demanded (QD) Millions of Bls per day	Quantity Supplied (QS) Millions of Bls per day
104	22	12
106	21	13
108	20	14
110	19	15
112	18	16
114	17	17
116	16	18
118	15	19
120	14	20
122	13	21
124	12	22

Click here to place an order for a similar paper and have exceptional work done by our team and get A+results

1. On the grid below, create a graph depicting the market for oil using the table above, andplotthe QD and the QS.(Use EXCEL to plot the graph on a separate sheet if possible, but not required. Use titles on

the graph, axes, and curves.).

2. Define the law of demand, the law of supply, and equilibriumin one sentence each.

3. If the price of oil is $110 per barrel, is this above or below equilibrium, and is there a surplus or shortage in the market? How much is the surplus or shortage? Explain in one or two sentences.

4. From your graph, explain how a change in the QUANTITY SUPPLIED could occur and give a specific scenario.

5. On your graph, draw what would happen if a small INCREASE in the SUPPLY of oil occurred with a larger DECREASE in the DEMAND for oil. Explain the new position of thesupply and demand curves, and the new equilibrium of price and QD/QS compared to the old on

Click here to place an order for a similar paper and have exceptional work done by our team and get A+results