Price (in PhP per liter) 40 50 60 Quantity Supplied (in liters) 98 123 Quantity Demanded (in liters) 161 101

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The table below shows the quantity of gasoline supplied by producers (Qs) and quantity of gasoline  demanded by consumers (Qd) given certain price levels (P).

1. . Derive the Qd and Qs functions assuming that both variables are linearly related to price of  gasoline. 
2. Give the economic meaning of the slope of Qs and Qd functions.

Price
(in PhP per liter)
40
50
60
Quantity Supplied
(in liters)
98
123
Quantity Demanded
(in liters)
161
101
Transcribed Image Text:Price (in PhP per liter) 40 50 60 Quantity Supplied (in liters) 98 123 Quantity Demanded (in liters) 161 101
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