A.) a.1 Plot or graph the data. Interpret the results. Price (S per gallon) 1.00 1.20 1.40 1.60 1.80 Quantity Demanded (millions of gallons) 800 700 600 550 500 460 420 B.) b.1 Plot or graph the data. Interpret the results Price (S per gallon) 1.00 1.20 1.40 1.60 1.80 2.00 2.20 Quantity Demanded (millions of gallons) 500 550 600 640 680 700 720 2.00 2.20 Table 3: Price and Supply of Gasoline Table 3: Price and Quantity Demanded of Gasoline Price Quantity Supplied Figure 4: Price and Supply of Gasoline Quantity Demanded Gasoline Figure 3: Price and Quantity Demanded of Gasoline C.) c.1 Using the data from demand and supply (refer to A & B), determine the equilibrium point of the demand and supply curves. Price Figure 4: The Equilibrium Price

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.