Please answer what u can Question 4a. The demand for petroleum is given by QD=85 - 0.4P where Q Dis the quantitydemanded in thousands of barrels per day and P is the price per barrel indollars. The supply of petroleum is given by QS=55+0.6P. Calculate theequilibrium price and quantity in this market.b. In the context of the problem in part (a), calculate the demand and supply forpetroleum if the market price is $15 per barrel. What problem exists in theeconomy.c. As more people buy televisions, the demand for Cable services increases andthe price of Cable services decreases. The fall in the price of Cable servicedecreases the supply of Cable service." Explain what is wrong with thisstatement.

We know that at equilibrium the demand in the market for the goods equals the supply of goods. Thus,…

Question 4 a. The demand for petroleum is given by QD=85 - 0.4P 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+0.6P. Calculate the equilibrium price and quantity in this market.

Question 4 a. The demand for petroleum is given by QD=85 - 0.4P 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+0.6P. Calculate the equilibrium price and quantity in this market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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