The table below illustrates the interaction of demand and supply in the market for gasoli Supply and Demand Schedule of Gasoline Price (cents). Quantity Demanded Quantity Supplied 1.00 800 500 1.20 700 550 1.40 600 600 1.60 550 640 1.80 500 680 2.00 460 700 2.20 420 720 Suppose the price of gasoline is S1.60 per gallon.
The table below illustrates the interaction of demand and supply in the market for gasoli Supply and Demand Schedule of Gasoline Price (cents). Quantity Demanded Quantity Supplied 1.00 800 500 1.20 700 550 1.40 600 600 1.60 550 640 1.80 500 680 2.00 460 700 2.20 420 720 Suppose the price of gasoline is S1.60 per gallon.
Chapter5: Supply, Demand, And Price: Applications
Section: Chapter Questions
Problem 5WNG
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a. Is the quantity demanded higher or lower than at the
b. What about the quantity supplies?
c. Is there a shortage in the market? If so, how much?
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