In Merageville, if the price of gasoline is zero, daily quantity demanded is 1000 gallons. For every increase in price of 10 cents, daily quantity demanded drops by 10 gallons. At a price of zero, quantity supplied is zero, but for every increase in price of 10 cents, quantity supplied increases by 15 gallons. Draw a picture of supply and demand for gasoline, and demonstrate your answers to the questions below on this graph. 3. If the current price is $1.00 /ga||on, will there be a shortage or surplus, or an equilibrium in the gasoline market? How many gallons are traded in the market? What kind of line will you see at the gas station? What trend will we expect to see in price and quantity? b. If the current price is $6.00/ gallon, will there be a shortage or surplus, or an equilibrium in the gasoline market? How many gallons are traded in the market? What kind of line will you see at the gas station? What trend will we expect to see in price and quantity? c. If the current price is $4.00/ gallon, will there be a shortage or surplus, or an equilibrium in the gasoline market? How many gallons are traded in the market? What kind of line will you see at the gas station? What trend will we expect to see in price and quantity? d. When vacation time comes around, the quantity demanded at any price increases by 200 gallons. Draw a new graph, showing the supply curve, and both the old and new demand curves. Show how the equilibrium price and quantity have changed. You do not have to figure out exactly what the new equilibrium is, merely show in what direction they have changed. Do these changes make intuitive sense, given the change in peoples' desire for gasoline