Suppose the given data explain the gasoline market what is

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Assume the following data describe the gasoline market:

Price per gallon	$1.00	1.25	1.50	1.75	2.00	2.25	2.50
Quantity Demanded	26	25	24	23	22	21	20
Quantity Supplied	16	20	24	28	32	36	40

a. What is the equilibrium price?

b. If the quantity supplied at every price is reduced by 5 gallons, what will the new equilibrium price be?

c. If the government freezes the price of gasoline at its initial price, how much of a surplus or shortage will exist when supply is reduced as described above?

d. Illustrate your answers on a graph.

Reference no: EM13459166

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