The following table gives hypothetical data for the quantity of gasoline demanded and supplied in Los Angeles
Question:
The following table gives hypothetical data for the quantity of gasoline demanded and supplied in Los Angeles per month.
a. Graph the demand and supply curves.
b. Find the equilibrium price and quantity.
c. Illustrate on your graph how a rise in the price of automobiles would affect the gasolinemarket.
Transcribed Image Text:
Quantity Demanded (millions Quantity Supplied (millions Price per Gallon of gallons)cf $1.20 $1.30 $1.40 $1.50 $1.60 $1.70 170 156 140 123 80 105 140 175 210 238
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a The supply and demand curves are S 1 and D 1 respectively b Equ...View the full answer
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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