Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $ per gallon. If instead the market price were $1.75, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00- 4.50 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50+ 0.00- 2.5 -10 7.5 10 S D 12.5 15 17.5 20 22.5 25 C
Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $ per gallon. If instead the market price were $1.75, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00- 4.50 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50+ 0.00- 2.5 -10 7.5 10 S D 12.5 15 17.5 20 22.5 25 C
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 1DQ
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19
![Consider the market for gasoline, illustrated in the figure to the right.
The equilibrium quantity of gasoline is million gallons (enter a
numeric response using a real number rounded to two
decimal places) and the equilibrium price is $ per gallon.
If instead the market price were $1.75, then there would be a
of million gallons.
Price of Gasoline (per gallon)
5.00-
4.50
4.00-
3.50-
3.00-
2.50-
2.00-
1.50-
1.00-
0.50+
0.00-
2.5
-10
7.5 10
S
D
12.5 15 17.5 20 22.5 25
C
с](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F963f7515-03fc-48e7-b6eb-dd7da14fe76e%2F6f8640bb-da9b-4eea-b7b2-3e5e66952978%2F2my6oqu_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the market for gasoline, illustrated in the figure to the right.
The equilibrium quantity of gasoline is million gallons (enter a
numeric response using a real number rounded to two
decimal places) and the equilibrium price is $ per gallon.
If instead the market price were $1.75, then there would be a
of million gallons.
Price of Gasoline (per gallon)
5.00-
4.50
4.00-
3.50-
3.00-
2.50-
2.00-
1.50-
1.00-
0.50+
0.00-
2.5
-10
7.5 10
S
D
12.5 15 17.5 20 22.5 25
C
с
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