Question

help pls 1 and 2

The table below contains data about the gasoline market If the price of a gallon of gasoline was Consumers would be willing to buy millions of gallons per day! Producers would be willing to sed millions of gallons per dayl: SO $2.75 $3.00 53.25 $3.50 SIIS Directions: Use the data above and the space below to graph the demand and succy curves for gasoline $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 o 30 50 55 60 35 40 45 Millions of Gallons of Gasoline 2. Having depicted the demand and supply curves, indicate: (how many) gallons will be produced and sold to consumers at a price of - Please also show how/where you derived that answer on the graph. per gallon.

Answer 1

1.

Price($) o - OD 25 30 35 40 50 55 60 65 45 Quantity

2. Answer to blank 1: 45

Answer to blank 2: $3.00

Explanation:

Equilibrium occurs where demand curve intersects the supply curve. It is seen from the graph that these two curves intersects at the price leve of $3.00 and quantity of 45 gallons.