Estimate the equilibrium price and quantity of gasoline
Suppose which in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
The total daily market demand function for gasoline in the market is QD=60,000-25,000P, where P is expressed in dollars per gallon. The daily market supply curve is QS=25,000P for P$0.60.
Determine algebraically the equilibrium price and quantity of gasoline