Let one weeks supply and demand functions for gasoline be given by p=d(q)=288-5/2q and p=s(q)=3/2q, where p is the price in dollars and q is the number of 42 gallon barrels. a. graph these equations on the same axes. b. find the equilibrium quantity. c. find the equilibrium price.

The correct answers are:

A) graph is attached; B) 72 barrels; and c) $108.

Explanation:

Using a graphing calculator, we graph both equations on the same axes, letting x be the number of barrels and y be the price.  

The equilibrium point is the point where the two graphs intersect.  The number of barrels is 72 and the price is $108.

b. 1.25 hr

step-by-step explanation:

if you have a constant speed of 60 mph, then you have a ratio between 60 mi. to 1 hr. dividing both sides by 60 we get the ratio

1 mi. to

then mult. both sides by 75 we get the ratio

75 mi. to

simplifying we get

75 mi. to

or 1.25 hr.