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Do Homework- brooke Kelsey- Google Chrome Secure : https://wwww.mathd.com/Studen orkld 463391 1 1 1&q; esti n 1-1&flushedi; t/PlayerHome orkaspx?home EC 350 MyEconLab Spring 2018 Section2 Save Homework: Chapter 3 Homework Score: 0 of 1 pt 16of25 (9 complete) HW Score: 36%, 9 of 25 pt Concept: Market Equilibrium 1 Question Help * Consider the market for gasoline, illustrated in the figure to the right The equilbrium quantity of gasoline is 15 million gallons (enter a numenc response using a real number rounded to two- domal places) and the equilibrum prce is S 2.5 per gallon i If instead the market price were $3.25, then there would be a surplus : of million gallons 5 001 400 3501 3.00 2.0 65 12 15 1821 24 27S Quantity of Gasoline (gallons in millions) .. 1 1.1 Ja :/i | .. | (U) | More Enter your answer in the answer box and then click Check Answer All parts showing Clear All Final Check 0 Type here to search

Explanation / Answer

Equilibrium price = $ 2.5/gallon

Equilibrium quantity = 15 mn gallons

When P = $ 3.25/gallon

Demand = 9 mn gallons (read from the demand curve)

Supply = 18 mn gallons (read from the supply curve)

Surplus = Supply - Demand = 9 mn gallons

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