The following table gives hypothetical data for the quantity of gasoline demanded and supplied in Los Angeles per month.
Â
Quantity
Demanded
Supplied
Price per
Millions
Gallon
of Gallons
$1.20
170
80
$1.30
156
105
$1.40
140
$1.50
123
175
$1.60
100
210
$1.70
95
238
a. Graph the demand and supply curves.
b. Find the equilibrium price and quantity.
c. Illustrate on your graph how a rise in the price of automobiles would affect the gasoline market.
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