https://file.aiquickdraw.com/mathbot/file/1727400498191a23gpgic.jpg

The question in the image asks to determine the equilibrium price and quantity in the market for gasoline using the provided graph. The graph shows both the supply ($S_1$) and demand ($D_1$) curves.

To find the equilibrium:
1. The **equilibrium price** is where the demand curve intersects with the supply curve. At that intersection point, you can read the price on the y-axis.
2. The **equilibrium quantity** is the corresponding quantity at the intersection point, which can be read on the x-axis (in millions of gallons).

Let me extract these details from the graph:

1. The **equilibrium price** (on the y-axis) looks to be **$3.00 per gallon**.
2. The **equilibrium quantity** (on the x-axis) appears to be **90 million gallons**.

Therefore, the equilibrium price in the market for gasoline is **$3 per gallon**, and the equilibrium quantity is **90 million gallons**.

Do you need further details or have any questions?

Here are 5 related questions for further exploration:
1. How do shifts in the supply curve affect the equilibrium price and quantity?
2. How does a shift in the demand curve impact the equilibrium in this market?
3. What factors could cause the supply curve to shift to the right or left?
4. How is consumer surplus affected by changes in equilibrium?
5. What is the relationship between price elasticity of demand and changes in equilibrium?

**Tip:** Always remember, equilibrium is the point where the quantity demanded equals the quantity supplied, balancing the market without any shortages or surpluses.

The equilibrium price in the market for gasoline is $ ___ /gallon and the equilibrium quantity is ___ million gallons.

Learn how to find the equilibrium price and quantity for gasoline using a demand and supply graph. This problem involves identifying the intersection point of supply and demand curves to determine equilibrium. Suitable for students in Grades 10-12 or introductory economics courses.

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