For the first assignment, Frank has given you data to analyze an illustrative supply and demand graph for the production of crude oil in the world. In order to analyze the graph, you will need to understand demand, supply, and the demand curve and utility. You should also be able to identify the point of equilibrium. The graph is useful to understand how prices are set for crude oil on a minute-by-minute basis in world commodity markets.
Answer questions with references.
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