The table below shows how supply and demand of gasoliine vary depending on the price: Price ($fgal) I Demand (million of gal.) I Supply (million of gal.) I 1 ??4 486 1.2 700 550 1.4 640 600 1.6 580 632 1.95 541 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 2.9 361 ?90 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work - Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trendlines in Excel): SL9) = l :;i_[}1 [p3 2.31.5] 113p + 287.758 \/ Round your answer to 3 decimal places - Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D[p] = ' 51.393133 _ 11;,_;;11p _ [119311 J Round your answer to 3 decimal places - Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: l 1.56 \/ $ per gallon Round your answer to 2 decimal places . From the price above what is the equilibrum quantity between supply and demand: million of gallons Round your answer to closest whole number 0 Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number - Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number Consumer and Producer Surplus Given a demand function p = D(q) and a supply function p = S(q), and the equilibrium point {q*, p*) The consumer surplus = foil. D(q)dq p*q* The producer surplus = p*q* foqls(q)dq The sum of the consumer surplus and producer surplus is the total gains from trade