We develop and analyze a mathematical model based on a previously enunciated hypothesis regarding the origin of rapid, irregular oscillations observed in photosynthetic variables when a leaf is transferred to a low-CO2 atmosphere. This model takes the form of a set of differential equations with two delays. We review graph-theoretical methods of analysis based on the bipartite graph representation of mass-action models, including models with delays. We illustrate the use of these methods by showing that our model is capable of delay-induced oscillations. We present some numerical examples confirming this possibility, including the possibility of complex transient oscillations. We then use the structure of the identified oscillophore, the part of the reaction network responsible for the oscillations, along with our knowledge of the plausible range of values for one of the delays, to rule out this hypothetical mechanism.