Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 0 1 Casey 2 2 3 Daisy 1 Eddie 1 Market Total w N 3 3 1 4 2 2 $2 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) Firm A 3 3 2 Firm B 7 5 3 Firm C 6 4 3 Firm D 6 5 4 2 Firm E Market Total $5 $4 $3 $2 $1 3 2 3 3 3 2 2 2 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 1 2 1 0 1

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**Gasoline Market Analysis: Supply and Demand**

Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions.

---

**Instructions:** Enter your responses as a whole number.

---

**Price per Gallon | Quantity Demanded (Gallons per Day)**

- **$5**  
  - Al: 1  
  - Betsy: 0  
  - Casey: 2  
  - Daisy: 1  
  - Eddie: 1  

- **$4**  
  - Al: 2  
  - Betsy: 1  
  - Casey: 2  
  - Daisy: 3  
  - Eddie: 2  

- **$3**  
  - Al: 3  
  - Betsy: 1  
  - Casey: 3  
  - Daisy: 4  
  - Eddie: 3  

- **$2**  
  - Al: 4  
  - Betsy: 1  
  - Casey: 3  
  - Daisy: 4  
  - Eddie: 5  

- **$1**  
  - Al: 5  
  - Betsy: 2  
  - Casey: 4  
  - Daisy: 6  
  - Eddie: 5  

**Market Total:** [ ]

---

**Price per Gallon | Quantity Supplied (Gallons per Day)**

- **$5**  
  - Firm A: 3  
  - Firm B: 7  
  - Firm C: 6  
  - Firm D: 6  
  - Firm E: 4   

- **$4**  
  - Firm A: 3  
  - Firm B: 5  
  - Firm C: 4  
  - Firm D: 5  
  - Firm E: 2   

- **$3**  
  - Firm A: 2  
  - Firm B: 3  
  - Firm C: 3  
  - Firm D: 3  
  - Firm E: 2   

- **$2**  
  - Firm A: 2  
  - Firm B: 3  
  - Firm C: 3  
  - Firm D: 2  
  - Firm E: 2   

- **$1**  
  - Firm A: 1  
  - Firm B:
Transcribed Image Text:**Gasoline Market Analysis: Supply and Demand** Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. --- **Instructions:** Enter your responses as a whole number. --- **Price per Gallon | Quantity Demanded (Gallons per Day)** - **$5** - Al: 1 - Betsy: 0 - Casey: 2 - Daisy: 1 - Eddie: 1 - **$4** - Al: 2 - Betsy: 1 - Casey: 2 - Daisy: 3 - Eddie: 2 - **$3** - Al: 3 - Betsy: 1 - Casey: 3 - Daisy: 4 - Eddie: 3 - **$2** - Al: 4 - Betsy: 1 - Casey: 3 - Daisy: 4 - Eddie: 5 - **$1** - Al: 5 - Betsy: 2 - Casey: 4 - Daisy: 6 - Eddie: 5 **Market Total:** [ ] --- **Price per Gallon | Quantity Supplied (Gallons per Day)** - **$5** - Firm A: 3 - Firm B: 7 - Firm C: 6 - Firm D: 6 - Firm E: 4 - **$4** - Firm A: 3 - Firm B: 5 - Firm C: 4 - Firm D: 5 - Firm E: 2 - **$3** - Firm A: 2 - Firm B: 3 - Firm C: 3 - Firm D: 3 - Firm E: 2 - **$2** - Firm A: 2 - Firm B: 3 - Firm C: 3 - Firm D: 2 - Firm E: 2 - **$1** - Firm A: 1 - Firm B:
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