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.
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.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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hello, please help me!! You only choose one secinario and draw about it. please make sure which one you choose.
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