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Da international consultancy limited is the marketing research specialist on crude oil. The demand and supply function in the market for crude oil as below. QD : 100 0.6P, where QD is the quantity demanded and P is the price. QS : 40 + 0.6P, where Qs is the quantity supplied. QD and Qs are expressed in term of tons of oil. a) Calculate the equilibrium price and equilibrium quantity in the market for crude oil. Showing your workings. (3 marks) b) Suppose the government wants to use the price control to reduce the loss suffered by the oil companies. Calculate the amount of deadweight loss if the price control is set at $60. (4 marks) c) Explain why the crude oil market is inefficient after imposition of price control