do fast i will 10 upvotes. urgent. Consider the market for gasoline, illustrated in the figure to the right.The equilibrium quantity of gasoline is ☐ million gallons (enter a numeric response using a realnumber rounded to two decimal places) and the equilibrium price is $ ☐ per gallon.If instead the market price were $1.75, then there would be aofmillion gallons.5.00-s4.50-4.00-3.50-3.002.50-2.00-Price of Gasoline (per gallon)1.50-1.00-D0.50-0.00-3.510.5 14 17.5 21 24.5 28 31.5 35Quantity of Gasoline (gallons in millions)✓

Step 1:Market equilibrium occurs when quantity demanded (QD) equals quantity supplied (QS), at the…

Answered: Consider the market for gasoline,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)
Consider the market for gasoline, illustrated in the figure to the right. 5.00- The equilibrium quantity of gasoline is million gallons (enter a numeric 4.50- response using a real number rounded to two decimal places) and the equilibrium 4.00– price is $ per gallon. 3.50- If instead the market price were $3.25, then there would be a of 3.00- million gallons. 2.50- 2.00- 1.50- 1.00- 0.50- 0.00- 3.5 7 10.5 14 17.5 21 24.5 28 31.5 35 Quantity of Gasoline (gallons in millions) Price of Gasoline (per gallon)
Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…
Market equlibrium price for strawberries is 5 dollar per kg if demand increase why would not 5 dollar per kg be the equilibrium price anymore draw a diagram
Suppose that the market for milk can be represented by the following equations: Demand: P = 12 – 0.5QD Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk. b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?
The demand for and the supply of Dengue vaccine in a small village in South India is given by the following equations: Qa = 1525 + 2,6Y Qs = 2200 + 1.4Y In those equations, Qa and Q, are the quantity demanded and quantity supplied for the Dengue vaccine respectively and Y is the income of the consumers in USD. Calculate the equilibrium quantity and income.
How would each event affect the market for COVID-19 vaccines? Does the event cause a change in demand or a change in the quantity demanded? Is the change positive or negative? Or does the event cause a change in supply or a change in the quantity supplied? Is the change positive or negative? Explain the mechanism for the change and what happens to equilibrium price and quantity. a) The vaccine is approved for children under the age of 12. b) The U.S. government provides a subsidy that allows the price of the vaccine to be $0 for everyone. c) Several vaccines pass Phase 3 (large-scale efficacy tests) and are approved by the FDA for full use. d) A truck carrying the Pfizer vaccine has a malfunction and the refrigeration requirements aren’t met, so all the doses go bad. e) School districts and health care facilities add a requirement for getting the vaccine for all employees.
Consider the market for gasoline. Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents). Demand: P = 300-24Qº Supply: P = 120+8Q² Compute the equilibrium price and quantity. The equilibrium quantity is million litres. (Enter your response rounded to one decimal place.) The equilibrium price is cents per litre. (Enter your response rounded to the nearest cent.)
Assume that the market price for beach towels increases considerably due to a worldwide shortage in the fabrics needed to produce them. Furthermore, suppose that some of these same fabrics are used in the production of bathing suits as well. Create a graphical depiction of the market for bathing suits (which are thought to be a complementary good to beach towels), making sure to indicate how the market will be impacted by the discussed changes. Make a conclusion about how the market price and equilibrium quantity of bathing suits will be affected.
The market for cod liver oil pills is characterized by the demand and supply equations: QD = 100-4P and QS = -20+2P, where P is the price per bottle and Q is the quantity of bottles. If consumers want to purchase 60 more bottles at any given price, what is the new equilibrium quantity? 30 10 40 20
What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.
The estimated demand and supply curve for apples is displayed below. If the current price is $60/ton, is there currently a surplus or shortage in the market for apples? By how much?

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