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The domestic demand and supply function for oil for a small country is given by: Qd = 210 - 1.5p and Qs = - 140 + 2p, where p is the price per barrel and Qd Qs are the quantities in million barrels.
(a) Use Excel to calculate quantity demanded and quantity supplied for p = $70, 75,80....140 (in $5 increments). Determine the equilibrium price and quantity in absence of any oil import.
(b) Assume that OPEC can sell unlimited quantity of oil at $80 per barrel. Using your calculations in (a), determine the equilibrium price, amount of domestic consumption, quantity supplied by domestic producers and the amount of oil import. (Assume that at a given price, the amount of import is the gap between domestic demand and domestic production.)
(c) Now, suppose the country's government imposes a limit on the amount of oil that can be imported from OPEC at their price of $80. Given that the limit is set at 35 million barrel, use Excel and the spreadsheet created in part (a) above to calculate the aggregate supply of oil that includes the domestic supply and the import from OPEC. Calculate the domestic price for oil, domestic consumption and domestic production.
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