Answer the following question. show the work.1.two gas station stand on opposite sides of the road: rutter's farm store and sheetz gas station. rutter's doesn't even have to look across the highway to know when sheetz changes its price for a gallon of gas. when sheetz raises the price, rutter's pumps are busy. when sheetz lowers prices, there's not a car in sight. both gas stations survive but each has no control over the priceq: in what type of market do these gas stations operate? explain. q: what determines the price of gasoline and the marginal revenue from gasoline? q: describe the elasticity of demand that each of these gas stations faces/q: why does each of these gas stations have so little control over the price of the gasoline they sell?

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u. s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.