The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market.   II) In the context of the problem in part (i), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy?

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