Hello Tutors,

Please help me solve #4

I would like guidance on how to complete these.

The Links Provided (If needed) :

https://finance.yahoo.comews/oil-refiners-shut-plants-demand-103832664.html

https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart

https://ycharts.com/indicators/world_crude_oil_production

Thank You and Take Care

Problem 4. (15 points) Applying S-D and Elasticity Okay, here's a chance to put together S-D analysis and elasticity to describe how the global pandemic affected the market for oil in 2020: a. Read this brief article at Yahoo Finance: https://finance.yahoo.comews/oil-refiners-shut- plants-demand -103832664.html How would you represent the changes described in the article using a Supply-Demand diagram without numbers? Sketch out a 5-D diagram, but you don't need to put numbers on the axes. Show which curve shifts, based on the article (hint: only shift one curve). Show the starting equilibrium price and quantity and then the new equilibrium price and quantity on your graph using dotted lines. What happened to equilibrium price? What happened to equilibrium quantity? b. Look at these two charts to find the price of oil now and a year ago. Start by dicking on 3 years (3Y) to adjust the date range so you can see how the pandemic affected oil prices and production in 2020. If you mouse over the graph, you'll see values and dates. Let's compare October 2019 to October 2020. Find the quantity of oil being produced, then find the price of oil on each of these dates. (you have daily price data - you pick the day). Email me or come to office hours if you have trouble getting these numbers. https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart https://ycharts.com/indicators/world crude oil production P October 2009 = $ (date: Q calabar 2019 = P Delabar 2020 = $ (date: Q celobear 2020 = Did the changes you observed here match your graphical conclusions from part a? If not, your graph may be wrong.d. How much did price have to fall in order to get producers to cut back? Calculate the percent change in quantity supplied and the percent change in price using the midpoint formula. Careful, the websites report percentage change, but they aren't using the midpoint formula. Show your work and summarize your results in a sentence or two. d) Is oil supply relatively elastic or inelastic? Calculate the price elasticity of supply for oil. Show your work