Answered: A) Use the following data to construct…

A) Use the following data to construct the graph for the market for gasoline. Price (S) 2.50 2.75 3.00 3.25 3.50 3.75 31 28 Demand 34 25 22 19 Supply 10 15 20 25 30 35

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 23P: HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow...

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A: Answer -

Question

100%

Directions: Answer question three (may contain multiple parts).

C) S.C. LEGISLATOR WANTS TO CAP GAS
PRICES
6 June 2011 - by Ron Barnett (USA Today)
3. South Carolina state Sen. Dick Elliott has a solution for high
gasoline prices: Cap how much oil companies can raise them."I
don't like to interfere with the competitive free enterprise
system, but in this case we don't believe the competitive free
enterprise system is fully at work," he says.
Aj Use the following data to construct the graph
for the market for gasoline.
Price (S)
2.50 2.75 3.00
3.25
3.50
3.75
Demand
34
31
28
25
22
19
Supply
10
15
20
25
30
35
Gasoline
$4.00
$3.75
$3.50
$3.25
$3.00
$2.75
$2.50
$2.25
10
15
20
25
30
35
40
Quantity (millions of barrels)
B) At equilibrium, what are the following?
а) Price:
b) Quantity:
C) Suppose a price ceiling
Congress. Draw the price ceiling on the graph.
$2.75 gets passed in
a) New quantity demanded:
b) New quantity supplied:
c) Amount of shortage:
D) This price ceiling is designed to help
consumers. How might it actually end up
hurting consumers instead?

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