Equilibrium Price:

If Quantity demanded is equal to Quantity supplied THEN:

100 - p = 3p

100 = 4p

p = 25

Equilibrium Quantity:

Qd = 100 - p

Since p - 25 then Qd = 100 - 25

Qd = 75 units of gasoline

At the equilibrium level established in part a), calculate the consumer surplus, producer surplus and total surplus?