Activity 2. The Law of Demand and Supply Directions: Analyse this problem. The following data were taken from an invoice of Company X. The company imports gasoline from other country. 2.1) Plot or graph the data. Interpret the results. Quantity Demanded (millions of gallons) Price ($ per gallon) 1.00 800 1:20 700 1.10 600 1.60 550 1.80 500 2.00 460 2.20 420 Table 1. Price and Quantity Demanded of Gaspline
Activity 2. The Law of Demand and Supply Directions: Analyse this problem. The following data were taken from an invoice of Company X. The company imports gasoline from other country. 2.1) Plot or graph the data. Interpret the results. Quantity Demanded (millions of gallons) Price ($ per gallon) 1.00 800 1:20 700 1.10 600 1.60 550 1.80 500 2.00 460 2.20 420 Table 1. Price and Quantity Demanded of Gaspline
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Solve the following problems. Graph the result then interpret the results.
Transcribed Image Text:Activity 2. The Law of Demand and Supply
Directions: Analyse this problem. The following data were taken from an
invoice of Company X. The company imports gasoline from other country.
2.1} Plot or graph the data. Interpret the results.
Quantity Demanded
(millions of gallons)
Price
($ per gallon)
1.00
800
1.20
700
1.10
600
1.60
550
1.80
500
2.00
460
2.20
420
Table 1. Price and Quantity Demanded of Gasoline
Transcribed Image Text:Directions: Analyze the problem. The following are sets of data taken from the
invoice of Conpany X. The coinpany iinports gasoline from other country.
3.1) Plot or graph the data.
Supply of Gasoline
(millions of gallons)
Price
($ per gallon)
1.00
500
1.20
550
1.40
600
1.60
640
1.80
680
2.00
700
2.20
720
Table 2. Price and Supply of Gasoline
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