Question

Suppose the equilibrium quantity of gasoline is 1,150 gallons; that is, qmarket = 1,150. then the equilibrium price of a gallon could be?

Answer 1

The equilibrium price of a gallon could be $3.3.

What Is Equilibrium Quantity?

• When a product is in equilibrium amount, there may be neither a scarcity nor a surplus at the market.
• When deliver and call for cross, the quantity of a great that purchasers need to shop for is same to the quantity that its producers are supplying.

What is equilibrium amount and rate?

• The handiest rate at which customer and manufacturer plans coincide is the equilibrium rate, that is reached while the amount demanded with the aid of using purchasers and the amount furnished with the aid of using producers, respectively, are same.
• The equilibrium amount is the call given to this not unusual place amount.
• At Q = 1150, the market equilibrium rate might lie among social fee and personal fee, which comes out to be among $3.1 and $3.5, that is $3.3.

Learn more about Equilibrium Quantity

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