Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer twoquestions.Instructions: Enter your responses as a whole number.Price per Gallon $5Quantity Demanded (Gallons per Day)Al12Betsy1Casey2DaisyEddieMarket Total34@2H4x021F21$4 $3 $232a: What is the equilibrium price?$per gallonb. Suppose the current price is $4. At this price, how much of a shortage or surplus exists?There would be a (Click to select) ofgallons per day.Q Search#331342441343F3$15246554$Price per Gallon $5 $4 $3 $2$2 $1Quantity Supplied (Gallons per Day)Firm A33Firm B75Firm C64Firm D65 34 2 2Firm EMarket Total4F4aDII451998%F5< Prev*22333 322OF6A6121W014 of 10F7&7Next >PrtScnFB*>8HomeF99EndF10

Market demand refers to the total quantity of a good or service that consumers are willing and able…

Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 $2 $1 Quantity Demanded (Gallons per Day) 2 1 2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 1 3 2 3 1 3 4 2 4 1 3 4 3 5 2 4 6 5 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) 3 3 7 5 Firm A Firm B Firm C Firm D Firm E Market Total 6 6 4 4 5 2 2 3 3 3 2 2 1 3 2 3 1 0 1 2 2

Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 $2 $1 Quantity Demanded (Gallons per Day) 2 1 2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 1 3 2 3 1 3 4 2 4 1 3 4 3 5 2 4 6 5 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) 3 3 7 5 Firm A Firm B Firm C Firm D Firm E Market Total 6 6 4 4 5 2 2 3 3 3 2 2 1 3 2 3 1 0 1 2 2

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter16: Externalities, The Environment, And Natural Resources

Section: Chapter Questions

Problem 4DQ

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Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) $4 $3 $2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 3 1 2 2 3 1 1 3 4 2 W N 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) $5 $4 $3 $2 $1 Firm A Firm B Firm C Firm D Firm E Market Total 3 3 2 7 5 3 6 4 3 6 5 3 4 2 2 2 W N 3 1 2 1 3 2 0 2 1 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day.
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Given the following data on individual gasoline demand and supply, calculate the market demand and supply, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Ali 1 2 0 1 2 2 Brianna Cole Market Total 3 1 3 $2 $1 4 1 3 5 2 4 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) Firm A 1 Firm B 2 Firm C 2 Market Total 1 3 2 1 1. 2 0 1 1 a. What is the equilibrium price? per gallon b. Suppose the current price is $5. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 0 0 0
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