4. Let one week's supply and demand functions for gasoline be given by p = D(q) = 288-79 and %3D 59. where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these p=S(q) =9 where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price.

4. Let one week's supply and demand functions for gasoline be given by p = D(q) = 288-79 and %3D 59. where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these p=S(q) =9 where p is the price in dollars and q is the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

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