Homework Answers
For the increased demand the supply to increases which shifts the supply and demand curve both towards right, maintaining the same price for the two periods.
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8. In March 2002 the retail price of gasoline was S1.19 per gallon-exactly the same as...
In March 2002 the retail price of gasoline was $1.19 per gallon-exactly the same as it...
In March 2002 the retail price of gasoline was $1.19 per gallon-exactly the same as it was in August 1990. Yet, total gasoline production and consump- tion rose from 6.6 million barrels per week in 1990 to 8.7 milion barrels per week in 2002. Using the graph below, draw the appropriate shifts in the demand and supply curves to explain these two phenomena. Price (S/gallon) S1990 D1990 Millions of barrels/week 0 6.6
help pls 1 and 2 The table below contains data about the gasoline market If the...
help pls 1 and 2
The table below contains data about the gasoline market If the price of a gallon of gasoline was Consumers would be willing to buy millions of gallons per day! Producers would be willing to sed millions of gallons per dayl: SO $2.75 $3.00 53.25 $3.50 SIIS Directions: Use the data above and the space below to graph the demand and succy curves for gasoline $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 o 30 50 55 60...
9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the...
9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the Texas consumption of gasoline that month was 40.555 million gallons. The average price of gasoline in Texas was about $2.354/gallon last month (January 2019). The elasticity of Texas gasoline demand is -0.22. By how much did gasoline consumption in Texas change between January 2018 and last month? What was Texas gas consumption last month? ANSWER:
The average price of gasoline in Texas in the first week of January 2019 was about...
The average price of gasoline in Texas in the first week of January 2019 was about $1.875/gallon and the Texas consumption of gasoline that month was 45.216 million gallons. The average price of gasoline in Texas was about $2.188/gallon in the last week of January 2020. The elasticity of Texas gasoline demand is -0.27. By how much did gasoline consumption in Texas change between January 2019 and last month? What was Texas gas consumption last month?
The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline...
The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline was $3.51 . Suppose that the standard deviation was $0.10 and that the retail price per gallon has a bell-shaped distribution. (Hint: You must use the empirical rule for this problem. ) a. What percentage of regular grade gasoline sold between $3.31 and $3.71 per gallon (to 1 decimal)? b. What percentage of regular grade gasoline sold between $3.31 and $3.61 per gallon (to...
The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline...
The Energy Information Administration reported that the mean retail price per gallon of regular grade gasoline was $3.60 . Suppose that the standard deviation was $0.10 and that the retail price per gallon has a bell-shaped distribution. NOTE: Please use empirical rule approximations for this problem. a. What percentage of regular grade gasoline sold between $3.50 and $3.70 per gallon (to 1 decimal)? b. What percentage of regular grade gasoline sold between $3.50 and $3.80 per gallon (to 1 decimal)?...
Suppose the demand for gasoline in the United States is Q = 500.8 - 7.8P +...
Suppose the demand for gasoline in the United States is Q = 500.8 - 7.8P + 0.027Y - 19.6MPG, where Q is annual U.S. gasoline consumption in millions of gallons per day, P is the retail price of gasoline in $/gallon, Y is real disposable income in billions of 2012 dollars, and MPG is the fleet efficiency in miles per gallon. Assume in 2015 P = 2.50, Y = 14600, and MPG = 24.7. Note that MPG is the long-run...
1. A supply curve is a graphical illustration of the relationship between quantity supplied and A....
1. A supply curve is a graphical illustration of the
relationship between quantity supplied and
A. demand.
B. quantity demanded.
C.price.
2.
Looking at the graph, if price was $2.20 per gallon and decreased
to $1.60 per gallon, how does quantity supplied of gasoline
change?
A. 640 million gallons to 720 million gallons
B. 720 million gallons to 600 millions gallons
C. 720 million gallons to 640 million gallons
$2.20 $2.00 $1.80 Price ($ per gallon) $1.60 $1.40 ($2.20 per...
Price (cents per gallon) 90 100 110 120 130 140 150 Quantity Demanded (thousand gallons per...
Price (cents per gallon) 90 100 110 120 130 140 150 Quantity Demanded (thousand gallons per week 80 70 60 50 40 30 20 Quantity Supplied (thousand gallons per week 20 30 40 50 60 70 80 A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table above. Use these data to analyze the situation in the market for gas in Motorville a) Draw a figure showing the demand curve...
Price (per gallon) 2.50 0 100 200 300 400 500 600 Quantity of gasoline (per month)...
Price (per gallon) 2.50 0 100 200 300 400 500 600 Quantity of gasoline (per month) Reference: Ref 3-4 Figure. Demand and Supply of Gasoline (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline. A factor that may have changed supply from 5 to S2 is: Select one: O a. increased demand. O b. lower labor productivity in gasoline production. O c. increased prices of substitutes in production for gasoline. O d. better technology in the...
In March 2002 the retail price of gasoline was $1.19 per gallon-exactly the same as it was in August 1990. Yet, total gasoline production and consump- tion rose from 6.6 million barrels per week in 1990 to 8.7 milion barrels per week in 2002. Using the graph below, draw the appropriate shifts in the demand and supply curves to explain these two phenomena. Price (S/gallon) S1990 D1990 Millions of barrels/week 0 6.6
help pls 1 and 2
The table below contains data about the gasoline market If the price of a gallon of gasoline was Consumers would be willing to buy millions of gallons per day! Producers would be willing to sed millions of gallons per dayl: SO $2.75 $3.00 53.25 $3.50 SIIS Directions: Use the data above and the space below to graph the demand and succy curves for gasoline $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 o 30 50 55 60...
1. A supply curve is a graphical illustration of the
relationship between quantity supplied and
A. demand.
B. quantity demanded.
C.price.
2.
Looking at the graph, if price was $2.20 per gallon and decreased
to $1.60 per gallon, how does quantity supplied of gasoline
change?
A. 640 million gallons to 720 million gallons
B. 720 million gallons to 600 millions gallons
C. 720 million gallons to 640 million gallons
$2.20 $2.00 $1.80 Price ($ per gallon) $1.60 $1.40 ($2.20 per...
Price (cents per gallon) 90 100 110 120 130 140 150 Quantity Demanded (thousand gallons per week 80 70 60 50 40 30 20 Quantity Supplied (thousand gallons per week 20 30 40 50 60 70 80 A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table above. Use these data to analyze the situation in the market for gas in Motorville a) Draw a figure showing the demand curve...
Price (per gallon) 2.50 0 100 200 300 400 500 600 Quantity of gasoline (per month) Reference: Ref 3-4 Figure. Demand and Supply of Gasoline (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline. A factor that may have changed supply from 5 to S2 is: Select one: O a. increased demand. O b. lower labor productivity in gasoline production. O c. increased prices of substitutes in production for gasoline. O d. better technology in the...
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