Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is 12.5 million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $2.50 per gallon. If instead the market price were $1.75, then there would be a shortage of million gallons. 5.00- S 4.50- 4.00- 3.50- 3.00- 2.50 2.00- 1.50- 1.00- D גוורה fiiniip ian allinep s in 0.50-

Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is 12.5 million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $2.50 per gallon. If instead the market price were $1.75, then there would be a shortage of million gallons. 5.00- S 4.50- 4.00- 3.50- 3.00- 2.50 2.00- 1.50- 1.00- D גוורה fiiniip ian allinep s in 0.50-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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