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Suppose that the demand and supply of liter of petrol are given in table 1 below: Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1   What is the equilibrium price and quantity of petrol, use a graph paper to draw a demand curve and supply curve based on the  table

Suppose that the demand and supply of liter of petrol are given in table 1 below: Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1   What is the equilibrium price and quantity of petrol, use a graph paper to draw a demand curve and supply curve based on the  table

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that the demand and supply of liter of petrol are given in table 1 below:

Price (RM)

Quantity demanded (liter per day)

Quantity supplied (liter per day)

0.80

8

24

0.75

10

22

0.70

12

20

0.65

14

18

0.60

16

16

0.55

18

14

Table 1

 

What is the equilibrium price and quantity of petrol, use a graph paper to draw a demand curve and supply curve based on the  table

Price (RM) Quantity demanded (liter per Quantity supplied (liter per day) day) 0.80 8. 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1
Transcribed Image Text:Price (RM) Quantity demanded (liter per Quantity supplied (liter per day) day) 0.80 8. 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1
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