QUESTION 1 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 3 3 1. Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.

QUESTION 1 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 3 3 1. Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2.5P: (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more...

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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		3	3