(a) Consider the market for natural gas (g), Here's the supply function Qs = 15 + 4Pg + 0.30000000000000004P, and the demand function:Qp = -4Pg + 2.4000000000000004P. ; where Pg and P, are the prices...

Extracted text: (a) Consider the market for natural gas (g), Here's the supply function Qs = 15 + 4Pg + 0.30000000000000004P, and the demand function:Qp = -4Pg + 2.4000000000000004P. ; where Pg and P, are the prices of natural gas and oil, respectively. If the price of oil is $7, what is the market price of natural gas? Please give your answer in 2 decimal places. (b) Now, suppose the regulated price of gas is fixed at $5.5, ceteris paribus, will there be a surplus or shortage? Answer in one word. Type only surplus or shortage. (c) Calculate the amount of surplus/shortage. Please give your answer in 2 decimal places. (d) Suppose that the market for natural gas is not regulated anymore. If the price of oil is increased from $7 to $12, what will be the new market price of natural gas? Please give your answer in 2 decimal places.