I need the excel formulas for the following questions: Steps 1-11

Problem 8-3 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 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. 210 1.5 p -140 ") 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. ED 570 575 580 585 590 $95 $100 $105 $1 10 $115 $120 $125 $135 $140 Determine the equilibrium price and quantity The equilibrium price is and the equilibrium quantity is by 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 floor of $1 10 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 of 2#+ Steps to Perform: Points Step Instructions Possible 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. Start Excel 2 In cell D12, by using relative and absolute cell references, calculate the quantity demanded for the price in cell C12. Copy the formula from cell D12 down the column to cell D26. 3 In cell E12, by using relative and absolute cell references, calculate the quantity supplied for the price in cell C12. Copy the formula from cell E12 down the column to cell E26. 4 In cell F29, by using a cell reference, enter the equilibrium price for part (a). 5 In cell K29, by using a cell reference, enter the equilibrium quantity for part (a). In cells C33-J33, insert a Scatter Chart for the demand and supply curves from part (a). Inserting a Chart On the Insert tab, in the Charts group, click the arrow next to Inse. "Scatter (X Y) or Bubble Chart and choose Scatter with Straight Lines Chart. Selecting Data Series Then in Select Data Source window, delete any series created automatically. Add new series for the supply curve using cells E12:E26 for the X values and cells C12:C26 for the Y values. Use cell E11 as the series game add new series for the demand curve using cells D12:026 for the X values and cells C12:C26 for the Y values. Use cell D11 as the series name Edit Chart Elements Select design Style 1 for the chart. Add Quantity of oll as the title for the horizontal axis and Price of oll as the title for the vertical axis. Add the legend and choose the Bottom option. Chart Position Set the chart height and width so the entire co. art fits within cells C33-K33 Note: Be sure to use capital letter for series names. P In cell F12, by using cell references, calculate the excess demand for the price in cell C12. 1 Copy the formula from cell F12 down the column to cell F26. Note: An excess supply is a negative excess demand. 8 In cell F36, by using a cell reference, enter the quantity sold for a price of $80 per barrel. 9 In cell K36, by using a cell reference, enter the excess demand for a price of $80 per barrel. 10 In cell F39, by using a cell reference, enter the quantity sold for a price of $110 per barrel. 1 11 In cell K39, by using a cell reference, enter the excess demand for a price of $110 per barrel