Do answer all questions. Thanks   a) Consider two substitute goods, diesel and compressed natural gas. You are given the demand and supply function of diesel as follows Q = 4.2PC -4PD and Q = 15 + 5PD + 0.30000000000000004PC ; where PD and PC are the prices of diesel(D) and compressed natural gas(C), respectively. If the price of CNG is $6, what is the market price of diesel? b) Now, suppose government decides to regulate the price of diesel and they fix the price at $7.0, ceteris paribus, will there be a surplus or shortage? Calculate the amount of surplus/shortage. (c) Suppose that the market for diesel is not regulated anymore. If the price of CNG has increased from $6 to $11, what will be the new market price of diesel?

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