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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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.
Transcribed Image Text:(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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