Activity 3. Problem Solving Directions: Analyze the problem. The following are sets of data taken from the invoice of Company X. The company imports gasoline from other country. 3.1) Plot or graph the data. Price Supply of Gasoline ($ per gallon) (millions of gallons) 1.00 500 1.20 550 1.40 600 1.60 640 1.80 680 2.00 700 2.20 720 Table 2. Price and Supply of Gasoline P S Qd Figure 1. Table 2. Price and Supply of Gasoline Legend: P - Price; S- Supply; Qd -Quantity Demanded 3. 2 Analyze data and describe the curve. Interpret the results.3.3) Using the data from demand and supply, a) Determine the equilibrium point of the demand and supply curves. P D S Qd Figure 3. The Equilibrium Price b) How much is the price in the equilibrium point? Present your solution here. Solution