2- Real World Examples and Usefulness of the Supply and Demand Model. Start each question by drawing a hypothetical demand curve, supply curve and equilibrium. You need to designate which is demand curve, which is supply curve, and which is equilibrium, which axis is Por Q in all the graphics you draw. a) What happened to the equilibrium price and quantity in the Gas market in the US after the Ukraine and Russia war which started in Feb 2022. Think about the first shock to the Gas market only. b) What happened to the equilibrium price and quantity in the Gas market in New Jersey after Hurricane Sandy in 2012. c) What usually happens to the equilibrium price and quantity in the beer market equilibrium night before Super Bowl Game¹.

2- Real World Examples and Usefulness of the Supply and Demand Model. Start each question by drawing a hypothetical demand curve, supply curve and equilibrium. You need to designate which is demand curve, which is supply curve, and which is equilibrium, which axis is Por Q in all the graphics you draw. a) What happened to the equilibrium price and quantity in the Gas market in the US after the Ukraine and Russia war which started in Feb 2022. Think about the first shock to the Gas market only. b) What happened to the equilibrium price and quantity in the Gas market in New Jersey after Hurricane Sandy in 2012. c) What usually happens to the equilibrium price and quantity in the beer market equilibrium night before Super Bowl Game¹.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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