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A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table below. Use these data to
A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table below. Use these data to analyze the situation in the market for gasoline in Motorville. Price Quantity demanded Quantity supplied (cents per (thousands of (thousands of gallon) gallons per week) gallons per week) 90 80 20 100 70 30 110 60 40 120 50 50 130 40 60 140 30 70 150 20 80 a) Draw a graph showing the demand curve for gasoline and the supply curve of gasoline. Mark the market equilibrium price and quantity in your graph. Make sure to have price on the vertical axis and quantity on the horizontal axis. Otherwise, no credit is given. (5 points)
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