Question: Please help solve this and please show work so i can get a better understanding of how it was solved. Instead of drawing, please explain

Please help solve this and please show work so i can get a better understanding of how it was solved. Instead of drawing, please explain what would happen

Please help solve this and please show work so i can get

PART 1 Draw a supply and demand diagram depicting what happens to the market for o_il in each of the following scenarios. 1. Qatar, Iraq, Angola, and Saudi Arabia have expanded their oil production capacity. I 2. The US. government requires oil reneries to make fuel with at least 10% ethanol. I PART 2 What happens to consumer and producer surplus in the market for o_il when more hybrid vehicles are introduced? I PART 3Some people are in favor of a price ceiling on gasoline. What would this do to quantity supplied, quantity demanded, and price if the price ceiling is binding? PART 4Given that 630,800 gallons of motor gasoline were sold per day in North Carolina in February 2009 when the average price was $1.861 per gallon and 620,500 gallons were sold per day in March 2009 when the average price was $1.903 per gallon. (% & M) Using the mid point method, what is the price elasticity of demand for motor gasoline? (Round answer to nearest hundredth.) ls demand elastic or inelastic

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