Answer to Question #112550 in Microeconomics for Shayab

Question #112550
Use the following data and draw the demand and Supply graph of gasoline.
Price (per
gallon)
Quantity demanded (millions of
gallons)
Quantity supplied (millions of
gallons)
$1.00 800 500
$1.20 700 550
$1.40 600 600
$1.60 550 640
$1.80 500 680
$2.00 460 700
$2.20 420 720
1
Expert's answer
2020-04-29T09:24:50-0400

The figure below shows the demand and the supply curves.

From the figure, the equilibrium quantity is 600 and the equilibrium price is $1.4.



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