1. Given the following data on gasoline supply and demand: a) What is the equilibrium price? b) Suppose the current price is $4. At this price, how much of a shortage or surplus exists? Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 Quantity demanded (gallons per day) Al 2 Betsy W - W Casey Daisy Eddie 13 . Market total Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 Quantity supplied (gallons per day) Firm A Firm B Firm C NNWWN NO WWWN Firm D Firm E Market total 2. Based on the following figures: Consumption $200 billion Depreciation 20 Retained earnings 12 Gross investment 40 Imports 70 Exports 50 Net foreign factor income 10 Government purchases 80 a) How much is GDP? b) How much is net investment? c) How much is national income?3. Complete the following table by calculating the aggregate demand, then answer questions (a) through (e). Real Output Demanded (in $ billions) by Price Consumers + Investors Government Net + + Aggregate Aggregate Level Exports Demand Supply 120 80 15 20 10 32 0 110 92 16 20 12 26 0 100 104 17 20 14 21 90 116 18 20 16 20 80 128 19 20 18 70 140 20 20 20 60 154 21 20 22 What is the level of equilibrium GDP? What is the equilibrium price level? If full employment occurs at real GDP = $200 billion, what kind of GDP gap exists? How large is that gap? Which macro problem exists here (unemployment or inflation)