The following equations describe the supply and demand for crude oil in the United States in the mid-1980s: = 2 (1/2)P = 15(1/4)P where price is given in dollars and quantity in millions of barrels per day. The domestic equilibrium price is $22.67 per barrel with 9.3 million barrels traded per day. If the world price is below this equilibrium price, a domestic shortage will develop. We can deal with this shortage by purchasing crude oil from foreign suppliers. Part 2 Determine the quantity of imports when the world price is $8.00 per barre