If the daily demand curve for gasoline is as provided in the graph attached, then how much consumer surplus would consumers receive if the market price for gasoline was $3.50 per litre? (PLEASE SHOW CALCULATIONS). b) What about for a price of $2.50 per litre? (PLEASE SHOW CALCULATION

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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a) If the daily demand curve for gasoline is as provided in the graph attached, then how much consumer surplus would consumers receive if the market price for gasoline was $3.50 per litre? (PLEASE SHOW CALCULATIONS).

b) What about for a price of $2.50 per litre? (PLEASE SHOW CALCULATIONS).

Price
02E2
0048
($ per liter)
031
$6.00
$3.50
$2.50
Demand
280
Quantity (millions of liters)
200
Transcribed Image Text:Price 02E2 0048 ($ per liter) 031 $6.00 $3.50 $2.50 Demand 280 Quantity (millions of liters) 200
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