How many barrels are exported per day and the value per year

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US exports oil at the world price, $45 per barrel. The domestic supply curve in barrels per day is S = 7,500,000 + 1,500,000P with P in dollars. Domestic demand curve is D = 15,000,000 – 500,000P. Draw the US demand and supply curves for oil and indicate how many barrels are exported per day and the value per year.

Reference no: EM131172867

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