(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
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(A) Given the following data on individual supply and demand, calculate the market supply and demand.

(B) what is the equilibrium price?

(C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?

 

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