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Hello, can someone let me know how I would graph this? The price of gasoline is $3.50, the quantity demanded is 80 million gallons per
Hello, can someone let me know how I would graph this?
The price of gasoline is $3.50, the quantity demanded is 80 million gallons per month, and the quantity supplied is million gallons per month. (Enter your responses rounded to two decimal places.) How large is the shortage of gasoline? million gallons. Assume that the price ceiling is imposed and there is no black market in gasoline. Compare the economic surplus in this market when there is no price ceiling to when there is a price ceiling. 1.) Use the triangle drawing tool to shade in the change in economic surplus as a result of the price ceiling. Properly label this shaded area indicating whether surplus has increased (new economic surplus) or decreased (deadweight loss). 2.) Use the rectangle drawing tool to shade in transferred surplus as a result of the price ceiling. Properly label this shaded area indicating whether this surplus is transferred from producers to consumers (transfer to consumer) or from consumers to producers (transfer to producer). Carefully follow the instructions above, and only draw the required objects. Suppose that initially the gasoline market is in equilibrium, at a price of $4.00 per gallon and a quantity of 75 million gallons per month. Then a war in the Middle East disrupts imports of oil into the United States, shifting the supply curve for gasoline from S1 to S2. The price of gasoline begins to rise, and consumers protest. The federal government responds by setting a price ceiling of $3.50 per gallon. Use the graph to answer the following questions. If there were no price ceiling, what would be the equilibrium price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline supplied? The equilibrium price would be $6.00, the quantity demanded would be 55 million gallons per month, and the quantity supplied would be 55 million gallons per month. (Enter your responses rounded to two decimal places.) Now assume that the price ceiling is imposed and that there is no black market in gasoline. What are the price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline supplied? The price of gasoline is $3.50, the quantity demanded is 80 million gallons per month, and the quantity supplied is 30 million gallons per month. (Enter your responses rounded to two decimal places.) The price of gasoline is $3.50, the quantity demanded is 80 million gallons per month, and the quantity supplied is million gallons per month. (Enter your responses rounded to two decimal places.) How large is the shortage of gasoline? million gallons. Assume that the price ceiling is imposed and there is no black market in gasoline. Compare the economic surplus in this market when there is no price ceiling to when there is a price ceiling. 1.) Use the triangle drawing tool to shade in the change in economic surplus as a result of the price ceiling. Properly label this shaded area indicating whether surplus has increased (new economic surplus) or decreased (deadweight loss). 2.) Use the rectangle drawing tool to shade in transferred surplus as a result of the price ceiling. Properly label this shaded area indicating whether this surplus is transferred from producers to consumers (transfer to consumer) or from consumers to producers (transfer to producer). Carefully follow the instructions above, and only draw the required objects. Suppose that initially the gasoline market is in equilibrium, at a price of $4.00 per gallon and a quantity of 75 million gallons per month. Then a war in the Middle East disrupts imports of oil into the United States, shifting the supply curve for gasoline from S1 to S2. The price of gasoline begins to rise, and consumers protest. The federal government responds by setting a price ceiling of $3.50 per gallon. Use the graph to answer the following questions. If there were no price ceiling, what would be the equilibrium price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline supplied? The equilibrium price would be $6.00, the quantity demanded would be 55 million gallons per month, and the quantity supplied would be 55 million gallons per month. (Enter your responses rounded to two decimal places.) Now assume that the price ceiling is imposed and that there is no black market in gasoline. What are the price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline supplied? The price of gasoline is $3.50, the quantity demanded is 80 million gallons per month, and the quantity supplied is 30 million gallons per month. (Enter your responses rounded to two decimal places.)Step by Step Solution
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