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A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table above. Use these data to analyze the situation in the market for gasolift in Motorville. Price Quantity demanded (thousands of gallons Quantity supplied cents per gallon) (thousands of gallons per week) 90 per week) 80 20 100 70 30 110 60 40 120 : 50 50 130 40 60 140 30 70 150 20 80 a) Draw a graph showing the demand curve for gasoline and the supply curve of gasoline. Mark the market equilibrium price and quantity in your graph. b) What is the market equilibrium priceand quantity? c) Suppose the price is $1.30. Describe the situation in the market and explain how the price adjusts. d) Now suppose the price is $1.00. Describe the situation in the market and explain how the price adjusts 2. Use the table below to answer the following questions: The information in the table is the economic data for Sandy Island in 2014. Item Billions ofDollars Personal consumption expenditure 900 Government expenditure on goods and services 300 Net indirect taxes 350 Investment expenditure 200 Exports of goods and services 300 imports of goods and services 500 Depreciation 100 a. Using the information in the table above, calculate the value of GDP for Sandy Island in 2014 (Show your calculation). b. Calculate the value of net exports (Show your calculation)