Answer
a. equilibrium quantity $1000$ gallons; equilibrium price $4$ dollars per gallon.
b. $4\ dollars$, $1000$, $1000$.
Work Step by Step
a. To solve the system, let
$ –0.002x + 6=0.001x + 3$
We have $0.003x=3$ and $x=1000$
Thus, the equilibrium quantity is $1000$ gallons.
At this value, we have the equilibrium price at $p=0.001(1000)+3=4$ dollars per gallon.
b. Based on the above results, we can complete the sentence as: If unleaded premium gasoline is sold for $4\ dollars$ per gallon, there will be a demand for $1000$ gallons per day and $1000$ gallons will be supplied per day.
