How much is imported in barrels of oil and it value per year

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Reference no: EM13150673

US imports oil at the world price, $75 per barrel. The domestic supply curve in barrels per day is S = 1600000 + 170000P with P in dollars. Domestic demand curve is D =65,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.

Reference no: EM13150673

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