RT II: PROBLEM SOLVING 1. Given that the market for oil is described by the following demand and supply equations: P=200−4Qd (Demand); P=50+Qs (Supply) Where Q= barrels and P= price per barrel. a. Find the equilibrium price and quantity. Show work for full credit. b. If the government establishes a price ceiling of $50 per barrel, would this result in a shortage or surplus of oil on the market? If so, how much? c. Suppose that instead of a price ceiling, the government decides instead to place a unit tax on each barrel of oil to achieve the same equilibrium price and production level as would be achieved under b), how much tax would be needed? Show work.