• Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p)= = -38.324p²+262.33p+299.24 Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = 85.518p2-545.03p+ 1240 Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: 1.52 $ per gallon Round your answer to 2 decimal places • From the price above what is the equilibrum quantity between supply and demand: 610 million of gallons Round your answer to closest whole number . Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number • Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number

• Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p)= = -38.324p²+262.33p+299.24 Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = 85.518p2-545.03p+ 1240 Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: 1.52 $ per gallon Round your answer to 2 decimal places • From the price above what is the equilibrum quantity between supply and demand: 610 million of gallons Round your answer to closest whole number . Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number • Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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