It may be helpful if you illustrated your own graphs on a piece of paper to help you answer this question. Please provide your answers to this question directly below in the space provided. Please number your answers according to the corresponding letter of each question. Qd Qs Price (Gas) (Gas) $.075 65 $1.50 60 15 $2.25 55 25 $3.00 35 $3.75 45 45 $4.50 40 55 $5.25 35 65 a. Using the information above, briefly describe how you would illustrate equilibrium? In other words how would you draw the equilibrium market for gas. b. Briefly describe the changes to supply and demand as a result of the government's decision to eliminate excise taxes imposed on gas production that pay for highway maintenance and environmental conservation, while simultaneously, in the market for electric vehicles, the price of electric vehicles significantly declines, Assume the effect due to the price of electric vehicles is greater. and Qs of gas c. As a result of the elimination of excise taxes only, the Qd of gas 50

It may be helpful if you illustrated your own graphs on a piece of paper to help you answer this question. Please provide your answers to this question directly below in the space provided. Please number your answers according to the corresponding letter of each question. Qd Qs Price (Gas) (Gas) $.075 65 $1.50 60 15 $2.25 55 25 $3.00 35 $3.75 45 45 $4.50 40 55 $5.25 35 65 a. Using the information above, briefly describe how you would illustrate equilibrium? In other words how would you draw the equilibrium market for gas. b. Briefly describe the changes to supply and demand as a result of the government's decision to eliminate excise taxes imposed on gas production that pay for highway maintenance and environmental conservation, while simultaneously, in the market for electric vehicles, the price of electric vehicles significantly declines, Assume the effect due to the price of electric vehicles is greater. and Qs of gas c. As a result of the elimination of excise taxes only, the Qd of gas 50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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