The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from each other and can observe the prices posted on each others marquees. Demand for gasoline in this market is Q = 120 5P, and both franchises obtain gasoline from their supplier at $3.00 per gallon. On the day that both franchises opened for business, each owner was observed changing the price of gasoline advertised on its marquee more than 10 times; the owner of Hull lowered its price to slightly undercut Inverted Vs price, and the owner of Inverted V lowered its advertised price to beat Hulls price. Since then, prices appear to have stabilized. Under current conditions, how many gallons of gasoline are sold in the market, and at what price?

nstructions: Enter your response rounded to the nearest two decimal places. Gallons sold:

Price: $ How would prices differ if Hull had service attendants available to fill consumers tanks but Inverted V was only a self-service station?