Price per barrelAdded cost to Cal:Additives PriceDaily quantity of barrels demanded (in millions)Daily quantity of barrels supplied (in millions)Profit MaximizationFederal gasoline taxTotal additionsTotal cost per gallonAnswer question 1 below.Answer question 2 below.Answer question 3 below.Gallons sold per dayFixed cost per dayRevenue (price x gallons)Answer question 5 below.Marginal revenue Marginal RevenueMarginal CostCost per gallonFixed CostTotal CostQuestion 1:Maryland state gasoline tax (Effective July 1, 2018)Distribution & DeliveryAdvertising and Marketing to ExxonMobilCost per GallonVariable Cost (cost per unit x volume)Variable CostQuantityAverage% changeElasticity of DemandElasticity:Total Cost (Fixed + Variable)By how much did revenues increase or decrease as a result of the change in price?By how much did profits increase or decline?Question 2:Q4.Demand for Crude OilDaily US demand for crude oil (in millions of barrels)Supply of Crude OilDaily US supply of crude oil (in millions of barrels)Daily Profit (revenue - all costs)Question 3:Price ElasticPrice InelasticUnit Price ElasticSelect OneBase price of unleaded regular delivered in New York harbor (October 21, 2019)The price per barrel and daily quantity intersects at point 107. therefore, the price and quantity at which equilibrium exists are: $80 and 107 million barrels.Based on the intersection points, the price equilibrium is $90 and the quantity equilibrium is 108 million barrels. YES