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Problem 83 Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers The demand and supply fimctions for oil in a small isolated contentry ne Qd = 210 - 1.5p and Qs =-140 + 2p, where p is the price per barrel and quantities are in millions of barrels per year. Q 210 -140 2p 15 p *) Use Excel to calculate the quantity demanded and quantity supplied for p = 570, 575, 580, p. 5140 (m55 increments). Determine the equilibrium price and quantity a) ED P $70 $75 580 585 590 S95 $100 SIOS S110 $115 S120 $125 $130 $135 5140 Detenuine the equilibrium price and quantity The equilibrium price is and the equilibrium quantity is b) Use Excel to draw the demand and supply curves you derived in part () 33 34 c) Now, asume that the government poses a price ceiling of S80 per hurtel Use the table above to determine the amount of any excess demand of exces supply How much oil is sold? The quality sold is and the exces demand is d) The government abandons the price celine described in part (c) and imposes a price floor of Sulo por bare instead. Use the table above to determine any excess derind or excess supply now How much is sold The quantity soldes and the excess demand is