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Demand and supply often shift in the retail market for gasoline. Below are two demand curves and two supply curves for gallons of gasoline in

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Demand and supply often shift in the retail market for gasoline. Below are two demand curves and two supply curves for gallons of gasoline in the month of May in a small town in Maine. Some of the data are missing. Using the table, answer the following questions. Quantities Demanded Quantition Supplied Price $4.00 5,00 7,500 9,090 9,500 6.000 8,060 8, 000 9,000 2.00 B, 500 8,500 9.000 5.000 a. Use the following facts to fill in the missing date in the table. If demand is Dj and supply is Sy, the equilibrium quantity is 7,000 gallons per month. When demand is Dy and supply is S, the equilibrium price is $3.00 per gallon. When demand is Dy and supply Is Sq. there is an excess demand of 4,000 gallons per month at a price of $1.00 per gallon. If demand is D, and supply is $2, the equilibrium quantity is 8,000 gallons per month. b. Compare the two equilibriums: In the first, demand is D and supply is S, In the second, demand is Dy and supply is 52 By how much does the equilibrium quantity change? Equilibrium quantity [Click to sele by gallons per month. By how much does the equilibrium price change? Equilibrium price (Click to sele ]by $ c. If supply falls from $2 to S while demand simultaneously declines from Dy to Dy, does the equilibrium price rise, fall, or stay the same? [Cuck to sele What happens if only supply falls? Click to sele What happens if only demand falls? Click to sele V d. Suppose that supply is fixed at S and that demand starts at Dy By how many gallons per month would demand have to increase at each price level such that the equilibrium price per gallon would be $3.007 gallons per month By how many gallons per month would demand have to Increase at each price level such that the equilibrium price per gallon would be $4.00? gallons per month

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