Answer the following questions using the graphs on the left and right: 52 20 ($2.20 per gallon, 420 milion galons) $2.20 (52 20 per gallon, 720 million gallons) $2.00 (12 00 per gallon, 460 million gallons) $2.00 (52.00 per gallon, 700 million gallons) $1.80 (51.80 per gallon, 500 million gallons) $1.80 (51.80 per gallon, 680 million gallons) $1.60 ($1.60 per gallon, 550 million gallons) $1.60 (51.60 per gallon, 640 million gallons) Price per gallon (5140 per gallon, 600 million gallons) ($1.20 per gallon, 700 million gallons) (51.40 per gallon, 600 million gallons) $1.20 $1.20 (51.20 per gallon, 560 million gallons) $1.00 ($1.00 per gallon, 800 milion gallons) E . ($1.00 per gallon, 500 million gallons) 300 400 500 600 700 800 900 300 400 500 600 700 1800 900 Quantity of Gasoline (millions of gallons) Quantity of Gasoline (millions of gallons) 1 . Graph both the demand and supply curve together and identify the equilibrium price and quantity. 11. Define what an equilibrium represents. How do you know if a market is in equilibrium? Provide an example. 111. Graph both the demand and supply curve together. Graph and identify the impact of a price ceiling of $2.00. Explain what will happen to gasoline in this market. iv. Graph both the demand and supply curve together. Graph and identify the impact of a price ceiling of $1.20. Explain what will happen to gasoline in this market. v. Graph both the demand and supply curve together. Graph and identify the impact of a price floor of $1.80. Explain what will happen to gasoline in this market. vi. Graph both the demand and supply curve together. Graph and identify the impact of a price floor of $1.40. Explain what will happen to gasoline in this market. Vil. Define what a price floor and price ceiling is? Provide an example of each. V111 Using your graph from part i., show graphically the impact of a shift in demand to the right. What will happen to the price and quantity? ix. Using your graph from part i., show graphically the impact of a shift in demand to the right and a shift in supply to the left (simultaneously). What will happen to the price and quantity? X. Using your graph from part i., show graphically the impact of a shift in demand to the left and a shift in supply to the left (simultaneously). What will happen to the price and quantity