A Gas Station Sells 4820 Gallons of Regular Unleaded Gasoline

question 74

Multiple Choice

A gas station sells 4820 gallons of regular unleaded gasoline in a day when they charge $1.35 per gallon, whereas they sell 3895 gallons on a day that they charge $1.40 per gallon. Find a linear function that expresses
Gallons sold as a function of price. Use this function to predict the number of gallons sold at a price of $1.28 per
Gallon.

• A) 6124 gallons
• B) 6115 gallons
• C) 6111.7 gallons
• D) 6119.1 gallons

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Definitions:

Market Price

The existing value at which an asset or service is offered for buying or selling in the marketplace.

Producers Gain

The increase in total revenue that producers achieve from selling goods or services, typically measured against costs.

Price Elasticity of Demand

Measures how much the quantity demanded of a good responds to a change in the price of that good.

Short-Run Elasticity

Measures the responsiveness of demand or supply to price changes over a short period.