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When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 94E: Pressure and Depth At the surface of the ocean the water pressure is the same as the air pressure...
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When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

(a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = (Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to two decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = (Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).
Transcribed Image Text:(a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = (Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to two decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = (Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).
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