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Graph the demand and supply curves and show the equilibrium price and quantity At a price of $3 per gallon would there be a surplus or shortage of gasoline

Graph the demand and supply curves and show the equilibrium price and quantity.11. At a price of $3 per gallon, would there be a surplus or shortage of gasoline? How muchwould the surplus or shortage be? Indicate the surplus or shortage on the graph.12. At a price of $6 per gallon, would there be a surplus or shortage of gasoline? How muchwould the surplus or shortage be? Show the surplus or shortage on the graph.13. Suppose the quantity demanded increased by 2,000 gallons per month at each price. Ata price of $3 per gallon, how much would the surplus or shortage be? Graph the demandand supply curves and show the surplus or shortage.14. Suppose the quantity supplied decreased by 2,000 gallons per month at each price forprices between $4 and $8 per gallon. At prices less than $4 per gallon the quantitysupplied becomes zero, while the quantities demanded retain the values shown in thetable. At a price of $4 per gallon, how much would the surplus or shortage be? Graph thedemand and supply curves and show the surplus or shortage.15. If the demand curve shifts as in problem 13 and the supply curve shifts as in problem 14,without drawing a graph or consulting the data, can you predict whether equilibriumprice increases or decreases? What about equilibrium quantity? Now draw a graph thatshows what the new equilibrium price and quantity are.ed on the pdf file.

Mar 17 2020 View more View Less

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