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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