Please show work for parts A B and C I need help with parts

Please show work for parts A, B, and C. I need help with parts B and C.

Let one week\'s supply and demand functions for gasoline be given by p:D(q)=300-5q and p= S(q = 5q , where p is the price in dollars and q s the number of 42-gallon barrels. (a) Graph these equations on the same axes. (b) Find the equilibrium quantity. (c) Find the equilibrium price. (a) Choose the graph of D(q) and S(4) OA. B. OD. 400 400 800 800 800 800 (b) The equilibrium quantity is barrels.

Solution

(a) Graph A

From demand equation,

When q = 0, p = 300 (Vertical intercept) & when p = 0, q = 300 / (3/5) = 500 (Horizontal intercept).

From supply equation,

When q = 0, p = 0 and supply curve is upward rising line starting from origin.

Graph A shows demand and supply curves with above intercepts.

(b) In equilibrium, demand price equals supply price.

300 - (3/5)q = (2/5)q

q = 300

(c) When q = 300, p = 2 x 300 / 5 = 120