Assume the following data describe the gasoline market: $3.50 $3.25 $3.00 $2.75 | S2.50 | $2.25 $2.00 Price per gallon Quantity demanded Quantity supplied 30 31 32 33 34 35 36 36 34 32 30 28 26 24 A. Graph the demand and supply curves in EXCEL. B. What is the equilibrium price? C. If supply at every price is reduced by 6 gallons, what will be the new equilibrium price be? D. If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described in part C?

Assume the following data describe the gasoline market: $3.50 $3.25 $3.00 $2.75 | S2.50 | $2.25 $2.00 Price per gallon Quantity demanded Quantity supplied 30 31 32 33 34 35 36 36 34 32 30 28 26 24 A. Graph the demand and supply curves in EXCEL. B. What is the equilibrium price? C. If supply at every price is reduced by 6 gallons, what will be the new equilibrium price be? D. If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described in part C?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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