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Table: Gasoline Market Use the Table

question 251

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Table: Gasoline Market  Free Market  Price Ceiling  Price per gallon of gas $4.00$3.00 Value of time $20/ hour $20/ hour  Waiting time to buy 20 gallons of gas 01.5hours\begin{array} { l c c } \hline & \text { Free Market } & \text { Price Ceiling } \\\hline \text { Price per gallon of gas } & \$ 4.00 & \$ 3.00 \\\text { Value of time } & \$ 20 / \text { hour } & \$ 20 / \text { hour } \\\begin{array} { l } \text { Waiting time to buy } \\20 \text { gallons of gas }\end{array} & 0 & 1.5 hours\\\hline\end{array} Use the table. The total cost of purchasing 20 gallons of gas at the free market price and the price ceiling are ________ and ________, respectively.


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