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Green Paradox Case 1 In this case Group 1 countries reduce their demand for oil by 70 units. Group 1 Demand Function for Oil Group 2 Demand Function for Oil Global Supply of Oil 120 $120 120 110 $110 110 100 $100 100 90 $90 90 80 $80 80 70 $70 70 60 $60 60 50 $50 50 40 $40 40 30 $30 30 20 $20 10 $10 10 O $0 O 120 160 110 120 140 150 982828 130 150 170 160 180 180 170 210 190 200 - 9 2 9 9 9 8 8 8 8 892 Vertical axes show the price of oil. Horizontal axes show the quantities of oil.Consider the information in the file named Green Paradox. Concentrate on the scenario called Green Paradox Case 1. Currently (prior to any GHG policies by the Group 1 countries) the world equilibrium price of oil is| | dollars and the equilibrium quantity of oil transacted in the world market is units. At this price, Group 1 countries are consuming units of oil and Group 2 countries are consuming units of oil. Group 1 countries reduce their demand for oil by 70 units through aggressive conservation policies as well investments in renewable sources of energy. They hope the global consumption and production of oil will decreases by the same amount. However, as a result of this policy, the world equilibrium price of oil changes to dollars and the equilibrium quantity of oil transacted in the market changes to units. At this new price, Group 1 countries will be consuming units of oil and Group 2 countries will be consuming units of oil. So, Group 1 countries were hoping to reduce global consumption of oil by 70 units. However, the global consumption was reduced by units