The able shows the price of a gallon of unleaded premiumgasoline. For each price, the table lists the number of gallonsper day that a gas station sells and the number of gallons perday that can be supplied. SUPPLY AND DEMAND FOR UNLEADED PREMIUM GASOLINE Price perGallon Gallons Demandedper Day Gallons Suppliedper Day S3.20 1400 200 $3.60 1200 600 $4.40 800 1400 $4.80 6(10 1800 The data in the table are described by the following demandand supply models: Demand Model Supply Model p = − 0.002 x + 6 p = 0.001 x + 3 Price par gallon Number of gallons $$$ per day Price per gallon Number of gallons supplied per day a. Solve the system and find the equilibrium quantity and the equilibrium price for a gallon of unleaded premiumgasoline. 1000 gallons; $4 b. Use your answer from part (a) tocomplete this statement: If unleaded premium gasoline is sold for $4 pergallon, there will be a demand for 1000 gallonsper day and 1000 gallons will be supplied per day.
The able shows the price of a gallon of unleaded premiumgasoline. For each price, the table lists the number of gallonsper day that a gas station sells and the number of gallons perday that can be supplied. SUPPLY AND DEMAND FOR UNLEADED PREMIUM GASOLINE Price perGallon Gallons Demandedper Day Gallons Suppliedper Day S3.20 1400 200 $3.60 1200 600 $4.40 800 1400 $4.80 6(10 1800 The data in the table are described by the following demandand supply models: Demand Model Supply Model p = − 0.002 x + 6 p = 0.001 x + 3 Price par gallon Number of gallons $$$ per day Price per gallon Number of gallons supplied per day a. Solve the system and find the equilibrium quantity and the equilibrium price for a gallon of unleaded premiumgasoline. 1000 gallons; $4 b. Use your answer from part (a) tocomplete this statement: If unleaded premium gasoline is sold for $4 pergallon, there will be a demand for 1000 gallonsper day and 1000 gallons will be supplied per day.
Solution Summary: The author calculates the equilibrium quantity and equilibrium price for a gallon.
The able shows the price of a gallon of unleaded premiumgasoline. For each price, the table lists the number of gallonsper day that a gas station sells and the number of gallons perday that can be supplied.
SUPPLY AND DEMAND FOR UNLEADED PREMIUM GASOLINE
Price perGallon
Gallons Demandedper Day
Gallons Suppliedper Day
S3.20
1400
200
$3.60
1200
600
$4.40
800
1400
$4.80
6(10
1800
The data in the table are described by the following demandand supply models:
Demand Model Supply Model
p
=
−
0.002
x
+
6
p
=
0.001
x
+
3
Price par gallon Number of gallons $$$ per day Price per gallon Number of gallons supplied per day
a. Solve the system and find the equilibrium quantity and the equilibrium price for a gallon of unleaded premiumgasoline. 1000 gallons; $4
b. Use your answer from part (a) tocomplete this statement:
If unleaded premium gasoline is sold for $4 pergallon, there will be a demand for 1000 gallonsper day and 1000 gallons will be supplied per day.
During busy political seasons, many opinion polls are conducted. In apresidential race, how do you think the participants in polls are generally selected?Discuss any issues regarding simple random, stratified, systematic, cluster, andconvenience sampling in these polls. What about other types of polls, besides political?
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