Price (per gallon) Market for Gasoline $3.75 $3.50 $3.25 ook $3.00 rint $2.75 rences $2.50 $2.25 $2.00 $1.75 w Tools Supply Demand Supply Demand 20 22 24 26 28 30 32 34 36 Quantity (gallons per day) Instructione In narte hand round your racnonces to two decimal places In nart d enter your recnance as a wi Prov 10 Next Problem 03-08 algo Given the following data describing the gasoline market, graph the demand and supply curves, then answer three questions about equilibrium. Price per Gallon $ 3.50 Quantity Quantity Demanded Supplied 3.25 3.00 2.75 2.50 2.25 2.00 2222222 20 24 30 32 2222222 32 31 30 28 27 26 a. Using the data in the table, graph the demand and supply curves. Instructions: Use the tools provided 'Demand' and 'Supply' to plot each line point by point (plot 7 points total for each line). Price (per gallon) Market for Gasoline $3.75 $3.50 $3.25 $3.00 Tools Supply / Demand Supply < Prev 4 of 10 Next >. enti $2.00 $1.75 20 22 24 26 28 30 32 34 36 Quantity (gallons per day) Saved Instructions: In parts b and c, round your responses to two decimal places. In part d, enter your response as a whole number. b. What is the equilibrium price? $ 2.50 per gallon c. If quantity supplied at every price is reduced by 12 gallons, what is the new equilibrium price? $ per gallon d. If the government freezes the price of gasoline at its initial equilibrium price found in part a, how much of a surplus or shortage will exist when supply is reduced as described in part c? There will be a shortage of gallons. < Prev 4 of 10 Next >