Homework Help is Here – Start Your Trial Now!
Business
Economics
Calculate the equilibrium price and quantity when the market is in equilibrium for the following situations below. Show a complete and stepwise solution for each problem. 1. Global oil demand is expected to decline in 2020 due to the effects of the global COVID-19 health crisis. The last time oil demand decreased was during a global financial crisis in 2009. In the Philippines, pump prices of diesel went down six times in seven weeks while gasoline prices also went down five times in six weeks. For eight weeks, the demand and prices of petroleum products were recorded in a local gasoline station. The table below shows the demand for and prices of diesel and gasoline. Average price per liter, in pesos Demand for gasoline, in liters Demand for diesel, in liters P33.00 10 12 P34.00 20 25 P35.00 30 36 P36.00 40 42 2. Market Equilibrium tudent Sheet ied Economics Quipper School IAcademic Strand | Accountancy, Business, and Management PREMIUM P37.00 50 55 Supply and prices of petroleum products were also recorded. The table below shows the supply and prices of diesel and gasoline for the same local gasoline station in the same period. Average price per liter, in pesos Supply of diesel, in liters Supply of gasoline, in liters P33.00 55 54 P34.00 50 52 P35.00 45 50 P36.00 40 42 P37.00 35 40 Using the given information, (1) draw the demand and supply curves for diesel and gasoline and (2) calculate for the equilibrium price and quantity of (a) diesel and (b) gasoline.

Calculate the equilibrium price and quantity when the market is in equilibrium for the following situations below. Show a complete and stepwise solution for each problem. 1. Global oil demand is expected to decline in 2020 due to the effects of the global COVID-19 health crisis. The last time oil demand decreased was during a global financial crisis in 2009. In the Philippines, pump prices of diesel went down six times in seven weeks while gasoline prices also went down five times in six weeks. For eight weeks, the demand and prices of petroleum products were recorded in a local gasoline station. The table below shows the demand for and prices of diesel and gasoline. Average price per liter, in pesos Demand for gasoline, in liters Demand for diesel, in liters P33.00 10 12 P34.00 20 25 P35.00 30 36 P36.00 40 42 2. Market Equilibrium tudent Sheet ied Economics Quipper School IAcademic Strand | Accountancy, Business, and Management PREMIUM P37.00 50 55 Supply and prices of petroleum products were also recorded. The table below shows the supply and prices of diesel and gasoline for the same local gasoline station in the same period. Average price per liter, in pesos Supply of diesel, in liters Supply of gasoline, in liters P33.00 55 54 P34.00 50 52 P35.00 45 50 P36.00 40 42 P37.00 35 40 Using the given information, (1) draw the demand and supply curves for diesel and gasoline and (2) calculate for the equilibrium price and quantity of (a) diesel and (b) gasoline.

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
See similar textbooks
icon
Related questions
Question
Solve for the equilibrium quantity and equilibrium price when the market is in equilibrium. Product Calculate the equilibrium price and quantity when the market is in equilibrium for the following situations below. Show a complete and stepwise solution for each problem. 1. Global oil demand is expected to decline in 2020 due to the effects of the global COVID-19 health crisis. The last time oil demand decreased was during a global financial crisis in 2009. In the Philippines, pump prices of diesel went down six times in seven weeks while gasoline prices also went down five times in six weeks. For eight weeks, the demand and prices of petroleum products were recorded in a local gasoline station. The table below shows the demand for and prices of diesel and gasoline. Demand for gasoline, in liters Average price per liter, Demand for diesel, in pesos in liters P33.00 10 12 P34.00 20 25 P35.00 30 36 P36.00 40 42 2.2. Market Equilibrium 2 Student Sheet Applied Economics Quipper School General Academic Strand Accountancy, Business, and Management PREMIUM P37.00 50 55 Supply and prices of petroleum products were also recorded. The table below shows the supply and prices of diesel and gasoline for the same local gasoline station in the same period. Supply of diesel, in liters Supply of gasoline, in liters Average price per liter, in pesos P33.00 55 54 P34.00 50 52 P35.00 45 50 P36.00 40 42 P37.00 35 40 Using the given information, (1) draw the demand and supply curves for diesel and gasoline and (2) calculate for the equilibrium price and quantity of (a) diesel and (b) gasoline.
Transcribed Image Text:Solve for the equilibrium quantity and equilibrium price when the market is in equilibrium. Product Calculate the equilibrium price and quantity when the market is in equilibrium for the following situations below. Show a complete and stepwise solution for each problem. 1. Global oil demand is expected to decline in 2020 due to the effects of the global COVID-19 health crisis. The last time oil demand decreased was during a global financial crisis in 2009. In the Philippines, pump prices of diesel went down six times in seven weeks while gasoline prices also went down five times in six weeks. For eight weeks, the demand and prices of petroleum products were recorded in a local gasoline station. The table below shows the demand for and prices of diesel and gasoline. Demand for gasoline, in liters Average price per liter, Demand for diesel, in pesos in liters P33.00 10 12 P34.00 20 25 P35.00 30 36 P36.00 40 42 2.2. Market Equilibrium 2 Student Sheet Applied Economics Quipper School General Academic Strand Accountancy, Business, and Management PREMIUM P37.00 50 55 Supply and prices of petroleum products were also recorded. The table below shows the supply and prices of diesel and gasoline for the same local gasoline station in the same period. Supply of diesel, in liters Supply of gasoline, in liters Average price per liter, in pesos P33.00 55 54 P34.00 50 52 P35.00 45 50 P36.00 40 42 P37.00 35 40 Using the given information, (1) draw the demand and supply curves for diesel and gasoline and (2) calculate for the equilibrium price and quantity of (a) diesel and (b) gasoline.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
MACROECONOMICS
MACROECONOMICS
Economics
ISBN:
9781337794985
Author:
Baumol
Publisher:
CENGAGE L
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS