(2ME) I need an urgent answer for this one! Instructions: 1. Show your complete solution to the problem. 2. State clearly your assumptions in your solution. 3. Type only the solutions here, please do not handwritten it. Do not handwritten your graph, formulas and solutions. Quantity demanded(millions of gallons)Price (per gallon)Quantity supplied(millions of gallons)$1.00$1.20$1.40$1.60$1.80$2.00$2.208005007005506006005506405006804607004207201. Plot demand curve and supply curve in one graph. Identify the equilibrium point.2. Determine price elasticity of demand and supply between 1.20 and 1.60. Give the category for each.3. Add another column to the right and identify for each combination, whether there is shortage orsurplus.

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Answered: Price (per gallon) Quantity demanded…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(2ME) I need an urgent answer for this one! Instructions: 1. Show your complete solution to the problem. 2. State clearly your assumptions in your solution. 3. Type only the solutions here, please do not handwritten it. Do not handwritten your graph, formulas and solutions.

Quantity demanded
(millions of gallons)
Price (per gallon)
Quantity supplied
(millions of gallons)
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
$2.20
800
500
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550
600
600
550
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500
680
460
700
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720
1. Plot demand curve and supply curve in one graph. Identify the equilibrium point.
2. Determine price elasticity of demand and supply between 1.20 and 1.60. Give the category for each.
3. Add another column to the right and identify for each combination, whether there is shortage or
surplus.

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