Defining Supply, Demand, and Equilibrium

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This assignment will familiarize you with supply and demand graph. In a 1-2 page paper, describe each of the graphs using the criteria below. For these scenarios, barrels of oil are represented along the horizontal x-axis; price per barrel of oil is represented along the vertical y-axis.

Your task is to interpret each graph by stating the following:

· Describe the rise or fall in the equilibrium price and quantity.

· Describe the factors that may have caused the supply or demand curve to shift to the left or right.

· Please identify which determinant or determinants of demand or supply would have accounted for a shift in the supply or demand curve.

Graph 1

Graph 2

Graph 3

Graph 4

Graph 5