Name:
Gr
azy
l
l
AnneQui
dan
Gr
ade,
St
r
and&Sect
i
on:
12ABM 2
Act
i
v
i
t
y5:TheLawofSuppl
yandDemand
5.
1
Pr
i
ce
D
2.
20
2.
00
1.
80
1.
60
1.
40
1.
20
1.
00
.
300
400
500 600 700 800 900
Qd
Fi
gur
e1:
Pr
i
ceandQuant
i
t
yDemandedofGasol
i
ne
Legend:
P-Pr
i
ce;
D-Demand;
Qd-Quant
i
t
yDemanded
5.
2Downwar
dSl
opi
ng
Act
i
v
i
t
y6:
Pr
obl
em Sol
v
i
ng
6.
1
Pr
i
ce
2.
20
2.
00
1.
80
1.
60
1.
40
1.
20
1.
00
300 400 500 600 700 800 900
Fi
gur
e1.Tabl
e2.Pr
i
ceandSuppl
yofgasol
i
ne
Legend:
P-Pr
i
ce;
S-Suppl
y
;
Qd-Quant
i
t
yDemanded
6.
2Upwar
dSl
opi
ng
Qd
6.
3
Fi
gur
e3.TheEqui
l
i
br
i
um Pr
i
ce
S
Sur
pl
us
2.
20
1.
80
Anabov
eequi
l
i
br
i
um pr
i
ce
1.
40
Equi
l
i
br
i
um pr
i
ce
Abel
owequi
l
i
br
i
um pr
i
ce
1:
20
1.
00
Shor
t
age
D
0.
60
300 400
500
600 700 800 900
6.
3
B.
-Thet
wocur
v
esi
nt
er
sect
/
meetatapr
i
ceof1.
40;
t
heequi
l
i
br
i
um poi
ntoft
wocur
v
es