Concept explainers
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
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.
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Thinking Mathematically (7th Edition)
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