The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. the production of the 1,000th gallon of gasoline entails the following:

• a private cost of $3.10;
• a social cost of $3.55;
• a value to consumers of $3.70.

let q represent the number of gallons of gasoline and let p represent the price of a gallon of gasoline. which of the following statements is correct?

a. one point on the demand curve is (q = 1,000, p = $3.55).
b. one point on the social-cost curve is (q = 1,000, p = $0.45).
c. one point on the supply curve is (q = 1,000, p = $3.10).
d. the socially optimal quantity of gasoline is less than 1,000 gallons

According to the u.s. census bureau (), the median household income in the united states was $23,618 in 1985, $34,076 in 1995, $46,326 in 2005, and $57,230 in 2015. in purchasing power terms, how did family income compare in each of those four years? you will need to know that the cpi (multiplied by 100, 1982–1984 = 100) was 107.6 in 1985, 152.4 in 1995, 195.3 in 2005, and 237.0 in 2015

Ardmore farm and seed has an inventory dilemma. they have been selling a brand of very popular insect spray for the past year. they have never really analyzed the costs incurred from ordering and holding the inventory and currently fave a large stock of the insecticide in the warehouse. they estimate that it costs $25 to place an order, and it costs $0.25 per gallon to hold the spray. the annual requirements total 80,000 gallons for a 365 day year.a. assuming that 10,000 gallons are ordered each time an order is placed, estimate the annual inventory costs.b. calculate the eoq.c. given the eoq calculated in part b., how many orders should be placed and what is the average inventory balance? d. if it takes seven days to receive an order from suppliers, at what inventory level should ardmore place another order?

1. is the act of declaring a drivers license void and terminated when it is determined that the license was issued through error or fraud.