Qp = 85 -0.4P, where Qp is the quantity in millions of barrels per day and P is price per barrel in dollars. Suppose also that the supple for crude oil is given by: Qs = 55 +0.6P a) Calculate equilibrium price and quantity in this market. b) Calculate the "excess demand" for crude oil if the market price is $15.00 per barrel. c) Calculate the "excess supply" of crude oil if the market price is $50.00 per barrel.

Please answer parts 4 and 5

Suppose the demand curve for a product is given by: Q=300-2P+41, where I is average income measured in thousands of dollars. The supply curve is: Q=3P-150. If 1=25, find the market-clearing price and quantity for the product. The market-clearing price is $ and the market-clearing quantity is (Enter your response as an integer.) CILE Price 260- 240- 220- 200 180- 160- 140- 120- 100- 80 60- 40- 20- 0- 0 100 200 300 Quantity O 400 5

The table below shows the monthly demand and supply of gallons of Ghana Nuts Oil at different prices. Use the information in the table to answer the questions that follows:   Price per gallon Quantity of gallons demanded Quantity of gallons Supplied 20 5000 1000 25 4000 2000 30 3000 3000 35 2000 4000 40 1000 5000   Use the information in the table to sketch the demand and supply curve on the same axis. (NOTE: Graph sheet is not needed). What is the equilibrium price and quantity? Which of the prices would cause shortages? Calculate the shortages that may occur at those prices. Suppose the Government of Ghana imposes a minimum price legislation which led to surpluses in the oil market, discuss two ways that can be use to address or mitigate the surpluses in the market.  Suppose the price of Ghana Nut Oil increase from 20 to 25, calculate the price elasticity of demand and supply of Ghana Nut Oil. Demand and Supply which one is more…