MOER # The table below shows how supply and demand Price ($/gal) Demand (million of gal.) 790 700 640 FOO 580 1 1.2 1.4 16 1.6 LOF 1.95 1.53 22 2.2 w 497 605 Z 450 420 430 Video → Solve | Sn... of gasoliine vary depending on the price: Supply (million of gal.) 511 550 500 600 420 420 CA 641 CCO 660 24 2.4 2.6 2.8 390 3 360 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = -21.935p2 + 207.365p+339.085 Round your answer to 3 decimal places 550 680 700 720 735 786 Owww.ope... • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = 85.561p2-543.789p+1236.729 Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places • From the price above what is the equilibrum quantity between supply and demand: Chapter3... million of gallons Round your answer to closest whole number b Answered... Y Suppose... C Suppose....
MOER # The table below shows how supply and demand Price ($/gal) Demand (million of gal.) 790 700 640 FOO 580 1 1.2 1.4 16 1.6 LOF 1.95 1.53 22 2.2 w 497 605 Z 450 420 430 Video → Solve | Sn... of gasoliine vary depending on the price: Supply (million of gal.) 511 550 500 600 420 420 CA 641 CCO 660 24 2.4 2.6 2.8 390 3 360 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = -21.935p2 + 207.365p+339.085 Round your answer to 3 decimal places 550 680 700 720 735 786 Owww.ope... • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = 85.561p2-543.789p+1236.729 Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places • From the price above what is the equilibrum quantity between supply and demand: Chapter3... million of gallons Round your answer to closest whole number b Answered... Y Suppose... C Suppose....
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:< >
MOER
The table below shows how supply and demand
Price ($/gal) Demand (million of gal.)
1
1.2
790
700
1.4
640
1.6
580
1.95
497
2.2
450
2.4
430
2.6
420
2.8
390
3
360
Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that
you input the correct data in your device.
Perform the following work
• Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons
contain an article to compute trend-lines in Excel):
-21.935p² + 207.365p+339.085 Round your answer to 3 decimal places
S(p)
●
D(p):
=
1.53
• Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help
button links to an article to compute trend-lines in Excel):
85.561p² - 543.789p + 1236.729 Round your answer to 3 decimal places
Video
Solve | Sn...
of gasoliine vary depending on the price:
Supply (million of gal.)
511
550
600
641
660
680
700
720
735
786
605
-
• Use the trendlines to find the price corresponding to the equlibrium price between supply and demand:
$ per gallon Round your answer to 2 decimal places
622
Owww.ope...
From the price above what is the equilibrum quantity between supply and demand:
• Under these conditions, what is the co her surp
moer.maricopa.edu
million of gallons Round your answer to closest whole number
* Chapter3...
x million of gallons Round your answer to closest whole number
b Answered...
Y Suppose...
C Suppose...
Y Suppose...
+
C Suppose...
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