When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations.Supply Equation p =Demand Equation p =(Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). Theslope and y-intercept should be accurate to two decimal places).(b) Find the Equilibrium price and quantity.Equilibrium price p =Equilibrium quantity q =(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).

Answered: Image /qna-images/answer/3bb0f3ab-92c3-408a-b52f-f399e2a30c21.jpg

When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

When gas prices are $2.98 per gallon, the annual supply for gas in New York State is 131 billion gallons and the annual demand is 143 billion gallons. When the price increases to $3.23 per gallon, the annual supply increases to 142 billion gallons and the demand decreases to 133 billion gallons.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.3: Lines

Problem 92E

See similar textbooks

Related questions

Q: Per capita spending on chocolate in country A during 2011 was $20 less than twice the per capita…

A: Let the per capita spending on chocolate during 2011 for country B was $x the per capita spending on…

Q: There is a new food delivery company that charges $6 to deliver 4 meals and $10 to deliver 12 meals.…

Q: Last month Albert earned half of what Betty earned, while Betty earned $5000 more than what Calvin…

Q: If Sandy can paint a fence in 2 hours and Erik can paint the fence in 3 hours, if they work…

Q: Two cyclists leave a park and ride in opposite directions, one averaging 6 mph and the other 9 mph.…

A: Given, two cyclist rides in opposite directions, one average speed 6 mph and other average speed 9…

Q: A grocer needs to mix raisins at $2.00 per pound with granola at $3.25 per pound to obtain 10 pounds…

A: The grocer mixes $2 per pound raising with $3,25 per pound granola to obtain 10 pounds of a mixture…

Q: With 2.4 mil subscribers, a top- ranked magazine has 1140% more digital subscribers than a magazine…

A: Suppose, the magazine ranked third has x million subscribers Therefore, the top-ranked will have…

Q: A wine company needs to blend a California wine with a 5% alcohol content and a French wine with a…

Q: A total of $50,000 is to be invested, some in bonds and some in certificates of deposit (CDs). If…

A: Given: Total investment=$50000. Amount in bond is to exceed that in CDs by $8000.

Q: Leah is comparing the monthly cost of two different phone companies. Company A charges $50 per month…

A: Company A charges $50 per month. An additional start-up fees of company A is $30 Equation for…

Q: two years ago, tom was earning half as much as Annie was earning. Last year, tom recieved a $300…

A: Two years ago: Let Tom's salary = x Then Annie's salary = 2x…

Q: A family budget provides an expenditures of Php5,100.00 per month for food. If the amount allotted…

Q: The number of aluminum cans used each year varies directly as the number of people using the cans.…

Q: A grocer needs to mix raisins at $2.00 per pound with granola at $3.25 per pound to obtain 10 pounds…

Q: Two years ago, Tom was earning half as much as Annie was earning. Last year, Tom received a $300…

Q: Suppose in one year, total revenues from digital sales of pop/rock, tropical…

Q: If the price of sneakers increases 6% per year, about how long will it take for the price to double?

A: Given , The price of sneakers increases 6% per year , We have to find the years that take for the…

Q: A mixture of 12% disinfectant solution is to be made from 10% and 20% disinfectant solutions. How…

A: Given:A mixture of 12% disinfectant solution is to be made from 10% and 20% disinfectant solutions.…

Q: A family budget provides an expenditures of Php5,100.00 per month for food. If the amount allotted…

Q: A family has two cars. During one particular week, the first car consumed 40 gallons of gas and the…

A: Let x gallons of gas be consumed by first car and y gallons of gas be consumed by second car.

Q: one safe investment pays 10% per year, and a more risky investment pay 18% per year. a woman who has…

Q: Two neighbors, Wilma and Betty, each have a swimming pool. Both Wilma's and Betty's pools hold…

Q: the attendance at the 200i lollapalooza festival was about 15,000 more than 3 times the attendance…

Q: A chemist needs to mix a 12% acid solution with a 32% acid solution to obtain an 8‐liters mixture…

Q: If a bathtub comfortably holds 30 gallons of water and a shower produces 2 gallons of water per…

Q: The amount of money spent on a pizza for club activities varies directly with the number of pizzas…

A: First calculate the price for one pizza then divide the total amount by price of one pizza.

Q: On average the number of microphones sold in New York each year is equivalent to six times the…

A: The given data is: On average the number of microphones sold in New York each year is equivalent to…

Q: In 2013, total revenues from digital sales of regional (Mexican/Tejano), pop/rock, and tropical…

Q: On a trip, a man noticed that his car averaged 22 km per liter of gasoline except for the days he…

Q: For the month of December, company A's stock decreased from $50 to $43 per share and company B's…

Q: If the loss percent for grapefruit is 47%, the yield percent would be 53%.

A: Yes. Statement is true.

Q: Jack business had a budget of $193,000 in sales and $91,160 in total variable costs. What is the…

Q: How long will it take an Amtrak passenger train to catch up to a freight train if their speeds are…

A: Solution:let x = 60 mph the speed of the Amtrak train y = 45 mph the speed of the Freight traint =…

Q: If you plan to drive between two cities that are 250 miles apart, and you expect to go about 55…

A: Given that, The distance between two cities =250 miles. The distance travelled in 1 hour =55 miles.…

Q: A chemical company makes two brands of antifreeze. The first is 45% pure antifreeze and the second…

Q: Two high-speed ferries leave at the same time from a city to go to the same island. The first…

A: Given, Velocity of first ferry= 30 miles/hour Velocity of second ferry= 25 miles/hour Distance (d)=…

Q: A family has two cars. During one particular week, the first car consumed 40 gallons of gas and the…

A: Let x and y be the fuel efficiency of car 1 and car 2 respectively.

Q: number of hours required to paint a house varies indirectly to the number of painters. If 5 painters…

A: Given query is to find the number of painter required to finish the work in 50 hours.

Q: The number of discouraged unemployed workers rose to 506,400, 2 ½ times as many as in the previous…

Q: The sum of the number of calories in a hamburger from Boston Burger and a hamburger fromCarmen's…

A: Let x be the number of calories in hand burger be x , then number of calories in Boston burger is…

Q: Determine when the cost of the two services will be the same amount, and what the price will be. One…

A: One cable television provider has $70 setup fee and charges $90 per month and another cable provider…

Q: Garrett, Justin, and Derek decided to start a web design company and made investments in the ratio…

A: Let the total investment be P. Then, the initial investment made by Garrett will be = 312P=14P…

Q: A 40% solution of fertilizer is to be mixed with a 70% solution of fertilizer in order to get 150…

A: GIVEN: A 40% solution of fertilizer is to be mixed with a 70% solution of fertilizer in order to get…

Q: A total of $20,000 is to be invested, some in bonds and some in certificates of deposit (CDs). If…

Q: Last year, Jim had twice as many acres as Fred but over the course of the year Jim sold 300 acres…

A: Topic:- Algebra Note:- as per our guideline if more than one question uploaded than only first…

Q: A brand of coffee beans cost 150 pesos per kilo, while the premium coffee beans cost 675 pesos per…

A: mixtures

Q: Two years ago, Tom was earning half as much as Annie was earning. Last year, Tom received a $300…

Q: the average yearly salary of a construction worker is $11 thousand less than three times that of a…

A: Consider "x" is the average yearly salary of a construction worker and "y" is the average yearly…

Question

(a) Assuming that the supply and demand equations are linear, find the supply and demand equations.
Supply Equation p =
Demand Equation p =
(Note: The equations should be in the form p = mq+b where p denotes the price (in dollars) and q denotes the quantity (in billions). The
slope and y-intercept should be accurate to two decimal places).
(b) Find the Equilibrium price and quantity.
Equilibrium price p =
Equilibrium quantity q =
(Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Basics:

VIEW

Supply and Demand equation:

VIEW

Equilibrium price and quantity:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here