Estimate the Equilibrium Price and Quantity of Gasoline

Business & Finance, Economics
Cover of the book Estimate the Equilibrium Price and Quantity of Gasoline by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000141769
Publisher: Classof1 Publication: June 13, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000141769
Publisher: Classof1
Publication: June 13, 2013
Imprint:
Language: English

"Suppose that 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.
"

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"Suppose that 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.
"

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