Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer twoquestions.Instructions: Enter your responses as a whole number.Price per Gallon $5Quantity Demanded (Gallons per Day)$4 $3 $2AlBetsyCaseyDaisyEddieMarket Total102131 22 31 1342W N41343$152465Price per GallonQuantity Supplied (Gallons per Day)$5 $4 $3 $2 $1Firm AFirm BFirm CFirm DFirm EMarket Total3 3275364365342 22W N31213202 1a. What is the equilibrium price?$per gallonb. Suppose the current price is $4. At this price, how much of a shortage or surplus exists?There would be a (Click to select) ofgallons per day.

At the equilibrium price, the quantity demanded is equal to the quantity supplied.Equilibrium occurs…

Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 0 1 Casey 2 2 3 Daisy 1 Eddie 1 Market Total w N 3 3 1 4 2 2 $2 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) Firm A 3 3 2 Firm B 7 5 3 Firm C 6 4 3 Firm D 6 5 4 2 Firm E Market Total $5 $4 $3 $2 $1 3 2 3 3 3 2 2 2 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 1 2 1 0 1

Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 0 1 Casey 2 2 3 Daisy 1 Eddie 1 Market Total w N 3 3 1 4 2 2 $2 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) Firm A 3 3 2 Firm B 7 5 3 Firm C 6 4 3 Firm D 6 5 4 2 Firm E Market Total $5 $4 $3 $2 $1 3 2 3 3 3 2 2 2 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 1 2 1 0 1

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 7SCQ: What would the gasoline price elasticity of supply mean to UPS or FedEx?

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