The following equations describe the supply and demand for crude oil in the United States in the mid-1980s: (Quantity supplied = "S") (Quantity demanded = "D") S = - 2 + (1/2) P S = 15 - (1/4) P Where price (P) 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. Determine the quantity of imports when the world price is $11.00 per barrel.
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