When gas prices are per gallon, the annual supply for gas in New York State is billion gallons and the annual demand is billion gallons. When the price increases to per gallon, the annual supply increases to billion gallons and the demand decreases to 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 where denotes the price (in dollars) and denotes the quantity (in billions). The slope and -intercept should be accurate to two decimal places).

(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.