Data for annual gasoline demand: 1. (Qd=1.5m liters, P=$1.20/liter), (Qd=2.8m liters, P=$1.05liter), (Qd=3.4m liters, P=

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Data for annual gasoline demand:
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?
(3f)Does the existence of equilibrium in the gasoline market in
(3c) above mean that all participants in the market are
satisfied?
Why or Why not?
(3g)What would be the effect of a binding price ceiling in the
market for gasoline in the state of New York? Explain the
rationale
for your answer?
(3h)How would the imposition of a binding price floor by the
government of New York change your answer from that given in
above?