The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 20 3 Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.
The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 20 3 Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQ
Related questions
Question
The table below shows the
|
|
Quantity Demanded in 000 |
Quantity Supplied in 000 |
|
|
litres (per Month) |
litres (per month) |
||
|
11 |
0 |
27 |
|
|
10 |
2 |
25 |
|
|
9 |
4 |
23 |
|
|
8 |
6 |
20 |
|
|
7 |
8 |
17 |
|
|
6 |
10 |
15 |
|
|
5 |
12 |
12 |
|
|
4 |
14 |
10 |
|
|
3 |
16 |
7 |
|
|
2 |
18 |
5 |
|
|
1 |
20 |
3 |
Construct the demand and supply
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