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roject I Points Possible mothererse full credit for your answers D12 D26 E12 E26 F29 K29 C33-J33 lly curves from pat (@) it Bobble Chart and choose Scaller with Straight Lines Chant Ell light Chart Flemvenis Select design Style J. for The chart. Ack Quantity of Oil as the tile for the The horizontal axis and Price of Oil as the file for the vertical as. Add the legend and choose the mol F12 column to call F26 F36 K36 F39 K39 of $110 per babelUse 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 functions for oil in a small isolated country are Qd = 210 - 1.5p and Qs = -140 + 2p, where p is the price per barrel and quantities are in millions of barrels per year. Qc1 : 210 1.5 p Q5 : -140 + 2 p a) Use Excel to calculate the quantity demanded and quantity supplied for p = $70, $75, $80, p , $140 (in $5 increments). Determine the equilibrium price and quantity. 3) c) Determine the equilibrium price and quantity. The equilibrium price is - and the equilibrium quantity is -. 1)) Use Excel to draw the demand and supply curves you derived in part (a). c) Now, assume that the government imposes a price ceiling of $80 per barrel. Use the table above to determine the amount of any excess demand or excess supply. How much oil is sold? The quantity sold is - and the excess demand is -. d) The government abandons the price ceiling described in part (c) and imposes a price oor of $110 per barrel instead. Use the table above to determine any excess demand or excess supply now. How much oil is sold? The quantity sold is - and the excess demand is