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TABLE 4-3 Price (per litre of gasoline) Quantity Demanded (thousands of litres) Quantity Supplied (thousands of litres) $1.60 600 1000 $1.50 700 900 $1.40 800 800 $1.30 950 700 $1.20 1200 600 $1.10 1500 500 $1.00 1800 400 $0.90 2100 300 S0.80 2400 200

TABLE 4-3 Price (per litre of gasoline) Quantity Demanded (thousands of litres) Quantity Supplied (thousands of litres) $1.60 600 1000 $1.50 700 900 $1.40 800 800 $1.30 950 700 $1.20 1200 600 $1.10 1500 500 $1.00 1800 400 $0.90 2100 300 S0.80 2400 200

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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TABLE 4-3 Price (per litre of gasoline) Quantity Demanded (thousands of litres) Quantity Supplied (thousands of litres) $1.60 600 1000 S1.50 700 900 $1.40 800 800 S1.30 950 700 S1.20 1200 600 $1.10 1500 500 $1.00 1800 400 S0.90 2100 300 S0.80 2400 200
Transcribed Image Text:TABLE 4-3 Price (per litre of gasoline) Quantity Demanded (thousands of litres) Quantity Supplied (thousands of litres) $1.60 600 1000 S1.50 700 900 $1.40 800 800 S1.30 950 700 S1.20 1200 600 $1.10 1500 500 $1.00 1800 400 S0.90 2100 300 S0.80 2400 200
$1.10 1500 500 S1.00 1800 400 s0.90 2100 300 S0.80 2400 200 Refer to Table 4-3. What is the equilibrium price of gasoline? S1.10 S1.20 S1.30 $1.40
Transcribed Image Text:$1.10 1500 500 S1.00 1800 400 s0.90 2100 300 S0.80 2400 200 Refer to Table 4-3. What is the equilibrium price of gasoline? S1.10 S1.20 S1.30 $1.40
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