Question
You are an economic advisor for the governor. You have been asked to measure the economic welfare of the market for gasoline in your state.
You are an economic advisor for the governor. You have been asked to measure the economic welfare of the market for gasoline in your state. [Economic welfare is the sum of producer and consumer surplus]. You need to provide a graphical representation (with actual values labeled) of supply and demand based on the estimated demand and supply functions given below. The demand, in gallons, for gasoline is given as follows: () = 5.43(0.607 ) The supply, in gallons, for gasoline is given as follows: () = 0.792 2 0.433 + 0.314, for p $1 Hint: I highly recommend that you graph this problem based on the functional forms of supply and demand given (both represent quantity as a function of p). I recommend placing price on the x-axis and gallons (quantity) on the y-axis. PLEASE HELP ME FIND THE CONSUMER/PRODUCER SURPLUS. I already can graph and find the equilbrium
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