Graphing Equilibrium Directions: 1. Using the following demand and supply schedules, graph the demand and supply curve. 2. Identify the price and quantity of gasoline at which market equilibrium is achieved at this particular gas station. 3. After Graphing, answer the questions that follow. Demand for Gas Demand for Gas Supply of Gas Supply of Gas Price per gallon Gallons per wk (x1000) Price per gallon Gallons per wk (x1000) 25 1.00 1.00 1.25 1.25 1.50 1.50 1.75 1.75 4.. California has passed a new tax on gasoline. How would that impact supply? (no graphing necessary) 5. At the price of $1.50 per gallon, would there be a surplus or a shortage of gasoline at this particular gas station? How many gallons of gasoline would the shortage or surplus of gasoline be at this price? Provide a written description that supports your