$3.50 $3.25| $3.00 $2.75| $2.50 $2.25 $2.00 Price per gallon Quantity demanded Quantity supplied 30 31 32 33 34 35 36 36 34 32 30 28 26 24 A. Graph the demand and supply curves in EXCEL. 3. What is the equilibrium price? C. If supply at every price is reduced by 6 gallons, what will be the new equilibrium price be? O. If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described in part C?

$3.50 $3.25| $3.00 $2.75| $2.50 $2.25 $2.00 Price per gallon Quantity demanded Quantity supplied 30 31 32 33 34 35 36 36 34 32 30 28 26 24 A. Graph the demand and supply curves in EXCEL. 3. What is the equilibrium price? C. If supply at every price is reduced by 6 gallons, what will be the new equilibrium price be? O. If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described in part C?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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