Let’s consider an oil market that has a demand for oil represented by one of the following equations, and a supply of oil shown by one of the equations below. In the following two equations, Q stands for quantity, and P is price.

Q=20P and Q=1200-10P

Question 1:Solve these two equations and find the equilibrium Price and Quantity (please review algebra, and use substitution method or elimination method).

Question 2:Draw the supply and demand curves together using the above two equations. Find the Price and Quantity at the intersection of these curves. (Please upload your file showing the drawing. You can take a picture of your hand-written solution or use MS-Word or Paint software)