Demand and supply often shift in the retail market for gasoline. Here are two demand schedules and two supply schedules for gallons of gasoline in the month of May in a small town in Maine. Some of the data are missing. LO4

a. Use the olflowing afcts to fill in the missing data in the table. If demand is D1 and supply is S1, the equilibrium quantity is 7000 gallons per month.

When demand is D2 and supply is S1, the equilibrium price is $3.00 per gallon. When demand is D2 and supply is S1, there is an excess demand of 4000 gallons per month at a price of $1.00 per gallon. If demand is D1 and supply is S2, the equilibrium quantity is 8000 gallons per month.

b. Compare two equilibriums. In the stf,i rdemand iDs 1 and supply is S

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Quantities Demanded Quantities Supplied Price D D S S $4.00 5000 7500 9000 9500 6000 8000 8000 9000 2.00 8500 8500 9000 5000