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Homework Help Classof1
Language: English
Release Date: June 13, 2013
"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. "