MOER # The table below shows how supply and demand Price ($/gal) Demand (million of gal.) 790 700 640 FOO 580 1 1.2 1.4 16 1.6 LOF 1.95 1.53 22 2.2 w 497 605 Z 450 420 430 Video → Solve | Sn... of gasoliine vary depending on the price: Supply (million of gal.) 511 550 500 600 420 420 CA 641 CCO 660 24 2.4 2.6 2.8 390 3 360 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = -21.935p2 + 207.365p+339.085 Round your answer to 3 decimal places 550 680 700 720 735 786 Owww.ope... • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = 85.561p2-543.789p+1236.729 Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places • From the price above what is the equilibrum quantity between supply and demand: Chapter3... million of gallons Round your answer to closest whole number b Answered... Y Suppose... C Suppose....

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