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  3. please illustrate a graph clearly labeled with let

please Illustrate a graph clearly labeled with letters, and please do it on paper ...

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Accounting

please Illustrate a graph clearly labeled with letters, and please do it on paper
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Oil is initially sold in an open, perfectly competitive market. Domestic oll producers are willing to supply oil according to the supply function P(Q)=12+74QS and domestic consumers demand oil according to the function P(Q)=12854QD. where P represents the cost in dollars per barrel and Q is measured in thousands of barrels. 37,000 barrels (Q=37) are imported when the market is perfectly competitive. Latet, the government imposes an import tariff that causes domestic supply to increase by 14,000 barrels (increase in Q by 14). Calculate: 1. the low of market efficiency 2. the tariff revenues generated as o result of the import tariff. - To receive full marks, you must illustrate a graph with areas dearty labeled with letters so the Th can follow your work and calculations. - Fefer to the lettered-areas when you calculate the "new' and "original" scenaria, For example, if the probiem asks you to quantify the change in cS, you - Only one numerical calculation for the ares of lettered-areas of the graph is requited for the problem. - Donit forget to conwert your anower to reflect the units appropriate to this

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