The following products and the events that affect them are listed below. Choose one of the events listed below and do the following: Calculate the equilibrium price and equilibrium quantity based on the equations given. In the event you have chosen, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price in a competitive market. The answer describing the change must be 1 to 1 ½ typed pages with 1 inch margins. The font must be Times New Roman, 12 pt. Provide a separate graph for the event (i.e. beginning at equilibrium, and then moving to illustrate the change) on a separate paper which is not included in the 1 to 1 ½ pages for the written answer. A short paragraph describing the graph should be included on the same page as the graph. The paragraph must be typed, Times New Roman, 12 pt. The total length of the paper should be 2 to 2 ½ pages. ( equations = ½ a page, answer = 1 to 1 ½ pages, and graph ½ a page) Graphs can be hand drawn, scanned and uploaded OR cut and pasted from Excel Events 1.Gasoline. oGiven the two equations below calculate the equilibrium price and quantity. QD = 100 2P QS = 10 + P
