Exhibit 3-5
$\begin{array}{|c|c|c}
\hline \begin{array}{c}
\text { Price per } \
\text { Barrel }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 50 & 725 & 900 \
\hline \$ 49 & 745 & 885 \
\hline \$ 48 & 775 & 840 \
\hline \$ 47 & 800 & 800 \
\hline \$ 46 & 830 & 750 \
\hline
\end{array}$

-Refer to Exhibit 3-5 for the demand and supply model of the world oil market (in millions of barrels per day).
(A) I5 there a shartage or suplus of al at a price of $48.]D per barrel? Why? What is the quantity of shortege ar suplus?
(B) Is there a shortage ar swplus of ail at a price af 46 per barel? Why? What is the quantity of shartage or suplus?
(C) What is the equilibrium price and quantity in this market?

Question

Exhibit 3-5
 $\begin{array}{|c|c|c}
\hline \begin{array}{c}
\text { Price per } \
\text { Barrel }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 50 & 725 & 900 \
\hline \$ 49 & 745 & 885 \
\hline \$ 48 & 775 & 840 \
\hline \$ 47 & 800 & 800 \
\hline \$ 46 & 830 & 750 \
\hline
\end{array}$

-Refer to Exhibit 3-5 for the demand and supply model of the world oil market (in millions of barrels per day).
 (A) I5 there a shartage or suplus of al at a price of $48.]D per barrel? Why? What is the quantity  of shortege ar suplus?
(B) Is there a shortage ar swplus of ail at a price af 46 per barel? Why? What is the quantity  of shartage or suplus?
(C) What is the equilibrium price and quantity in this market?

Quizplus · Accepted Answer

The Answer of Exhibit 3-5
 $\begin{array}{|c|c|c}
\hline \begin{array}{c}
\text { Price per } \
\text { Barrel }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Demanded }
\end{array} & \begin{array}{c}
\text { Quantity } \
\text { Supplied }
\end{array} \
\hline \$ 50 & 725 & 900 \
\hline \$ 49 & 745 & 885 \
\hline \$ 48 & 775 & 840 \
\hline \$ 47 & 800 & 800 \
\hline \$ 46 & 830 & 750 \
\hline
\end{array}$

-Refer to Exhibit 3-5 for the demand and supply model of the world oil market (in millions of barrels per day).
 (A) I5 there a shartage or suplus of al at a price of $48.]D per barrel? Why? What is the quantity  of shortege ar suplus?
(B) Is there a shortage ar swplus of ail at a price af 46 per barel? Why? What is the quantity  of shartage or suplus?
(C) What is the equilibrium price and quantity in this market?

Exhibit 3-5 -Refer to Exhibit 3-5 for the Demand and Supply Model