Scenario 10-1 The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 400th gallon of gasoline entails the following: • a private cost of $2.83; • a social cost of $3.12; • a value to consumers of $3.23. Refer to Scenario 10-1. Suppose the equilibrium quantity of gasoline is 440 gallons; that is, QMARKET = 440. Then the equilibrium price of a gallon could be %3D $2.51. S2.63. S3.66. er $2.88.

Scenario 10-1 The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 400th gallon of gasoline entails the following: • a private cost of $2.83; • a social cost of $3.12; • a value to consumers of $3.23. Refer to Scenario 10-1. Suppose the equilibrium quantity of gasoline is 440 gallons; that is, QMARKET = 440. Then the equilibrium price of a gallon could be %3D $2.51. S2.63. S3.66. er $2.88.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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