SOLUTION: Law of Demand Price ($ per galloon) 1.00 1.20 1.40 1.60 1.80 2.00 2.20 Quantity Demanded (millions of galloons) 800 700 600 550 500 460 420 Law of Supply

Algebra ->  Probability-and-statistics -> SOLUTION: Law of Demand Price ($ per galloon) 1.00 1.20 1.40 1.60 1.80 2.00 2.20 Quantity Demanded (millions of galloons) 800 700 600 550 500 460 420 Law of Supply       Log On


   

Question 1190185: Law of Demand
Price ($ per galloon)
1.00
1.20
1.40
1.60
1.80
2.00
2.20
Quantity Demanded (millions of galloons)
800
700
600
550
500
460
420
Law of Supply
Price ($ per galloon
1.00
1.20
1.40
1.60
1.80
2.00
2.20
Supply of Gasoline (millions of galloons)
500
550
600
640
680
700
720
Question: How much is the price in equilibrium point? Present your solution
Answer by CPhill(1959) About Me  (Show Source):
You can put this solution on YOUR website!
The equilibrium point is where the quantity demanded equals the quantity supplied. Looking at the table, this occurs when the price is **$1.40 per gallon**, where both quantity demanded and supplied are 600 million gallons.