1. (Qd=1.5m liters, P=$1.20/liter), (Qd=2.8m liters, P=$1.05liter), (Qd=3.4m liters, P=$3.99/liter), (Qd=5m liters, P=$0

[answerhappygod]

1. (Qd=1.5m liters, P=$1.20/liter), (Qd=2.8m liters,
P=$1.05liter), (Qd=3.4m liters, P=$3.99/liter), (Qd=5m liters,
P=$0.85)
Data for annual gasoline supply:
2. (Qs=4.5m liters, P=$1.20/liter), (4m liters,
P=$1.05liter), (Qs=3.4m liters, P=$3.99/liter),
(Qs =.3m liters, P=$0.85)
(3b)What is the market equilibrium price and market equilibrium
quantity in the diagram above?
(3c)Why is the market equilibrium point in the market for gasoline
in the state of New York in (3b) above unique?
(3d)Identify the unit prices for gasoline that trigger
disequilibria positions in this market
(3e)What is the relationship between the law of demand and law of
supply and the prices at, above and below the equilibrium
position in the market for gasoline in (3c) and (3d) above?