**Gasoline Market Analysis: Supply and Demand**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 | Quantity Demanded (Gallons per Day)**- **$5** - Al: 1 - Betsy: 0 - Casey: 2 - Daisy: 1 - Eddie: 1 - **$4** - Al: 2 - Betsy: 1 - Casey: 2 - Daisy: 3 - Eddie: 2 - **$3** - Al: 3 - Betsy: 1 - Casey: 3 - Daisy: 4 - Eddie: 3 - **$2** - Al: 4 - Betsy: 1 - Casey: 3 - Daisy: 4 - Eddie: 5 - **$1** - Al: 5 - Betsy: 2 - Casey: 4 - Daisy: 6 - Eddie: 5 **Market Total:** [ ]---**Price per Gallon | Quantity Supplied (Gallons per Day)**- **$5** - Firm A: 3 - Firm B: 7 - Firm C: 6 - Firm D: 6 - Firm E: 4 - **$4** - Firm A: 3 - Firm B: 5 - Firm C: 4 - Firm D: 5 - Firm E: 2 - **$3** - Firm A: 2 - Firm B: 3 - Firm C: 3 - Firm D: 3 - Firm E: 2 - **$2** - Firm A: 2 - Firm B: 3 - Firm C: 3 - Firm D: 2 - Firm E: 2 - **$1** - Firm A: 1 - Firm B:

At the equilibrium price, the quantity demanded is equal to the quantity supplied.Equilibrium occurs…

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 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 0 1 Casey 2 2 3 Daisy 1 Eddie 1 Market Total w N 3 3 1 4 2 2 $2 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) Firm A 3 3 2 Firm B 7 5 3 Firm C 6 4 3 Firm D 6 5 4 2 Firm E Market Total $5 $4 $3 $2 $1 3 2 3 3 3 2 2 2 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. 1 2 1 0 1

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 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 0 1 Casey 2 2 3 Daisy 1 Eddie 1 Market Total w N 3 3 1 4 2 2 $2 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) Firm A 3 3 2 Firm B 7 5 3 Firm C 6 4 3 Firm D 6 5 4 2 Firm E Market Total $5 $4 $3 $2 $1 3 2 3 3 3 2 2 2 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. 1 2 1 0 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Gasoline Market Analysis: Supply and Demand**

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 | Quantity Demanded (Gallons per Day)**

- **$5**
- Al: 1
- Betsy: 0
- Casey: 2
- Daisy: 1
- Eddie: 1

- **$4**
- Al: 2
- Betsy: 1
- Casey: 2
- Daisy: 3
- Eddie: 2

- **$3**
- Al: 3
- Betsy: 1
- Casey: 3
- Daisy: 4
- Eddie: 3

- **$2**
- Al: 4
- Betsy: 1
- Casey: 3
- Daisy: 4
- Eddie: 5

- **$1**
- Al: 5
- Betsy: 2
- Casey: 4
- Daisy: 6
- Eddie: 5

**Market Total:** [ ]

---

**Price per Gallon | Quantity Supplied (Gallons per Day)**

- **$5**
- Firm A: 3
- Firm B: 7
- Firm C: 6
- Firm D: 6
- Firm E: 4

- **$4**
- Firm A: 3
- Firm B: 5
- Firm C: 4
- Firm D: 5
- Firm E: 2

- **$3**
- Firm A: 2
- Firm B: 3
- Firm C: 3
- Firm D: 3
- Firm E: 2

- **$2**
- Firm A: 2
- Firm B: 3
- Firm C: 3
- Firm D: 2
- Firm E: 2

- **$1**
- Firm A: 1
- Firm B:

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Step 1: Define equilibrium.

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Step 2: Calculate the market demand and market supply.

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Step 3: Calculate the equilibrium at price level $4.

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