Problem 2: (24 marks) The daily demand function for premium unleaded petrolis p + g 235 = 0, where p and g represent the price in cents per litre and the quantity in thousands of litres respectively. o Given that the equilibrium gquantity is 55,000 litres per day, find the equilibrium price. A petrol station only supplies 30,000 litres of premium unleaded petrol when the price is $1.60 per litre. Find the supply function. Suppose consumers only purchase premium unleaded petrol if it costs less than $x per litre. Find the value of x. When the price is $2 per litre, is there a surplus or shortage at this petrol station? Explain your answer. A temporary deal is negotiated between consumers and the petrol station. The petrol station agrees to charge no more than the supply function when the quantity is less than or equal to the equilibrium, and to follow the demand function price after that. The supplier requires sales of at least 40,000 litres per day to make this deal worthwhile, but are limited by the maximum capacity of their underground storage tank which only allows 100,000 litres of premium unleaded petrol to be stored per day. i Express this deal as a system of inequalities. ii. Find the feasible region algebraically and present graphically. iii. If the petrol station retains a 40% revenue share, determine the outcome that maximises this revenue share under the above deal