When gas prices are \$2.77 per gallon, the annual supply for gas in New York State is 136 billion gallons and the annual demand is 141 billion gallons. When
the price increases to \$3.25 per gallon, the annual supply increases to 153 billion gallons and the demand decreases to 133 billion gallons.

(a) Assuming that the supply and demand equations are linear, find the supply and demand equations.

Supply Equation

Demand Equation

(**Note: ** The equations should be in the form

(b) Find the Equilibrium price and quantity.

Equilibrium price

Equilibrium quantity

(**Note:** The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign.).

You can earn partial credit on this problem.