When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations.Supply Equation p =Demand Equation p =(Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). Theslope and y-intercept should be accurate to two decimal places).(b) Find the Equilibrium price and quantity.Equilibrium price p =Equilibrium quantity q =(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).

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When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

(a) Assuming that the supply and demand equations are linear, find the supply and demand equations.
Supply Equation p =
Demand Equation p =
(Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). The
slope and y-intercept should be accurate to two decimal places).
(b) Find the Equilibrium price and quantity.
Equilibrium price p =
Equilibrium quantity q =
(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).

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