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Estimate the equilibrium price and quantity of gasoline

Suppose which in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.

The total daily market demand function for gasoline in the market is QD=60,000-25,000P, where P is expressed in dollars per gallon. The daily market supply curve is QS=25,000P for P$0.60.

Determine algebraically the equilibrium price and quantity of gasoline

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917387

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