{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-06T16:03:03-04:00", "answer_date": "2024-06-06 16:03:03", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2375396", "url": "\/study-help\/questions\/the-table-below-shows-how-supply-and-demand-of-gasoliine-2375396", "question_creation_date_js": "2024-06-06T16:03:03-04:00", "question_creation_date": "Jun 06, 2024 04:03 PM", "meta_title": "[Solved] The table below shows how supply and dema | SolutionInn", "meta_description": "Answer of - The table below shows how supply and demand of gasoliine vary depending on the price: Price ($fgal) I Demand (million | SolutionInn", "meta_keywords": "table,below,shows,supply,demand,gasoliine,vary,depending,price,$fgal,million,gal", "question_title_h1": "The table below shows how supply and demand of gasoliine vary depending on the price: Price ($fgal) I Demand (million of gal.) I Supply (million", "question_title": "The table below shows how supply and demand of gasoliine vary depending", "question_title_for_js_snippet": "The table below shows how supply and demand of gasoliine vary depending on the price Price ($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", "question_description": "\"image\"image
\"image\"image<\/div><\/div><\/div><\/figure> 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", "transcribed_text": "", "related_book": { "title": "Smith and Roberson Business Law", "isbn": "1285141903, 1285141903, 9781285141909, 978-0538473637", "edition": "15th Edition", "authors": "Richard A. Mann, Barry S. Roberts", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/110.jpg", "uri": "\/textbooks\/smith-and-roberson-business-law-15th-edition-110", "see_more_uri": "" }, "free_related_book": { "isbn": "3845428775", "uri": "\/textbooks\/forex-and-interest-rate-risk-management-a-study-at-the-treasury-division-of-a-global-conglomerate-1st-edition-978-3845428772-355875", "name": "Forex And Interest Rate Risk Management A Study At The Treasury Division Of A Global Conglomerate", "edition": "1st Edition" }, "question_posted": "2024-06-06 16:03:03", "see_more_questions_link": "\/study-help\/questions\/sciences-chemistry-2023-March-09", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/read-the-following-case-about-miniscribe-and-answer-the-following", "description": "Read the following case about MiniScribe and answer the following questions. a. How did MiniScribe inflate its financial statements? b. 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