1.Suppose that the demand for crude oil is given by Q_d =85- 0.4P, where Q_d is the quantity demanded in millions of barrels per day and P is the price per barrel in dollars. Suppose also that the supply of crude oil is given by Q_s= 55 + 0.6P.

a)Calculate equilibrium price and quantity in this Market

b)Graph the demand curve and the supply curve

c)Calculate the demand for crude oil and the supply for crude oil if the market price is $ 15.00 per barrel. Explain your answer.