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3 Let one weeks supply and demand functions for gasoline be given by p D)288-^q and p S(q)7q, where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price (a) Choose the graph of D(q) and S(q) 400 40 40 400 0 800 800 800 800 (b) The equilibrium quantity is barrels (c) The equilibrium price is $

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Answer #1

p =288-30 너 2g8 So 38 28g a 3a p=1802 8 38 4 IuM 400 2 0 2o 0

A.

The correct graph is option B.

B

. Quantity=144 barrels.

C.

Equilibrium price=$180

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