Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

economics assignment plz help 8:29 PM Tue 2 Jun *57% B newconnect.mheducation.com + ONE.KPU Course: ECON 1150: Principles of Microeconomics (S.. X Lab 3 Lab

economics assignment plz help

image text in transcribed
8:29 PM Tue 2 Jun *57% B newconnect.mheducation.com + ONE.KPU Course: ECON 1150: Principles of Microeconomics (S.. X Lab 3 Lab 3 1 Saved Help Save & Exit Submit Check my work Demand and supply often shift in the retail market for gasoline. Here are two demand curves and two supply curves for gallons of gasoline in the month of May in a small town in New Brunswick. 10 points Quantities Demanded Quantities Supplied 03:29:25 Price D1 D2 $1 $2 $4.00 10, 000 15, 000 18, 000 3 19, 000 12, 000 16, 000 16,000 18, 000 eBook 2.00 14000 17, 000 14000 17 , 000 16000 18, 000 10, 000 16000 Print References a. Use the following facts to fill in the missing data in the table. . If demand is D1 and supply is $1, the equilibrium quantity is 14,000 gallons per month. . When demand is D2 and supply is $1, the equilibrium price is $3.00 per gallon. When demand is D2 and supply is $1 , there is an excess demand of 8,000 gallons per month at a price of $1.00 per gallon. . If demand is D1 and supply is $2 , the equilibrium quantity is 16,000 gallons per month. Instructions: Fill the missing data in the table above. b. Compare two equilibriums. In the first, demand is D1 and supply is $1 . In the second, demand is D1 and supply is $2. By how much does the equilibrium quantity change? By how much does the equilibrium price change? Equilibrium quantity (increases by gallons per month. Equilibrium price falls by $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Economics

Authors: Stephen Smith

6th Edition

0199583587, 9780199583584

More Books

Students also viewed these Economics questions