(ou will analyze the Market for Gasoline tep 1: Draw a supply-and-demand diagram. Price is on the vertical axis, quantity is on the orizontal axis, demand is downward-sloping, supply is upward-sloping, and be sure to label quilibrium price and equilibrium quantity. tep 2. Change colors! If you have a highlighter or colored pencil (crayon, sharpie, whatever). tep 3. Show the change in demand or supply (only one curve will shift in each scenario). State if he curve decreases or increases. tep 4: Show the new equilibrium price and equilibrium quantity. tep 5: Repeat Steps 1-4 for each scenario. You will have a total of 4 graphs. • Scenario A: A hurricane destroys refineries that produce gasoline. • Scenario B: Consumers purchase electric vehicles that do not need gasoline. • Scenario C: Technological innovation occurs that reduces the cost of producing gasoline. • Scenario D: Road trips become the one and only vacation option and many families opt for long- distance road trips.
(ou will analyze the Market for Gasoline tep 1: Draw a supply-and-demand diagram. Price is on the vertical axis, quantity is on the orizontal axis, demand is downward-sloping, supply is upward-sloping, and be sure to label quilibrium price and equilibrium quantity. tep 2. Change colors! If you have a highlighter or colored pencil (crayon, sharpie, whatever). tep 3. Show the change in demand or supply (only one curve will shift in each scenario). State if he curve decreases or increases. tep 4: Show the new equilibrium price and equilibrium quantity. tep 5: Repeat Steps 1-4 for each scenario. You will have a total of 4 graphs. • Scenario A: A hurricane destroys refineries that produce gasoline. • Scenario B: Consumers purchase electric vehicles that do not need gasoline. • Scenario C: Technological innovation occurs that reduces the cost of producing gasoline. • Scenario D: Road trips become the one and only vacation option and many families opt for long- distance road trips.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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Hello, please help me with this question. I already did scenario A. please help me with the rest!!!
Transcribed Image Text:You will analyze the Market for Gasoline
Step 1: Draw a supply-and-demand diagram. Price is on the vertical axis, quantity is on the
horizontal axis, demand is downward-sloping, supply is upward-sloping, and be sure to label
equilibrium price and equilibrium quantity.
Step 2. Change colors! If you have a highlighter or colored pencil (crayon, sharpie, whatever).
Step 3. Show the change in demand or supply (only one curve will shift in each scenario). State if
the curve decreases or increases.
Step 4: Show the new equilibrium price and equilibrium quantity.
Step 5: Repeat Steps 1-4 for each scenario. You will have a total of 4 graphs.
• Scenario A: A hurricane destroys refineries that produce gasoline.
• Scenario B: Consumers purchase electric vehicles that do not need gasoline.
• Scenario C: Technological innovation occurs that reduces the cost of producing gasoline.
• Scenario D: Road trips become the one and only vacation option and many families opt for long-
distance road trips.
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