Use the data table below for this problem.  Explain what happens in the market in each question: Q Demanded and Q Supplied, Surplus or Shortage by how many gallons.  Question b: Use price support of $8.00.  Question c: Change price ceiling to $6.00.  Do not submit graphs Price per Gallon Quantity Demanded (millions of gallons) Quantity Supplied (millions of gallons) $8.00 200 400 $7.50 250 350 $7.00 300 300 $6.50 350 250 $6.00 400 200

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Use the data table below for this problem.  Explain what happens in the market in each question: Q Demanded and Q Supplied, Surplus or Shortage by how many gallons.  Question b: Use price support of $8.00.  Question c: Change price ceiling to $6.00.  Do not submit graphs

Price per Gallon Quantity Demanded (millions of gallons) Quantity Supplied (millions of gallons)
$8.00 200 400
$7.50 250 350
$7.00 300 300
$6.50 350 250
$6.00 400 200

 

 

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