None Note: Shaded area represents recession, as determined by the National Bureau of Economic Research.Source: U.S. Bureau of Labor Statistics.Figure 1. Evolution of Ground beef and Gasoline average prices in the United States, 2001-2021.A. From the black dotted lines in the graph above, we see that, in June 2008, the price ofgasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that sameyear. What could explain the price drop of gasoline? How about the gasoline pricefluctuations that we observe along the period?

• In 2008, the global financial crisis hit, which led to a decrease in demand for gasoline as people…

Answered: Note: Shaded area represents recession,…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 3QP

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“A reading of consumer sentiment rose in February to its highest level in three months on an improving stock market and hopes for continued job gains, according to data released Friday morning.” (Market Watch, March 1, 2013). The quote copied above refers to the income expectations of consumers in United States. Determine the effects this situation implies for the market for used books if they are considered inferior goods. That is, starting from an equilibrium situation, explain and graph the changes in the equilibrium in the market for used books. More specifically, what curve (side of the market) is affected and to what direction, and Side of the market: ___________________ Direction: __________________________ what is the change in both the equilibrium price and the equilibrium quantity. Change in equilibrium price: ________________________ Change in equilibrium quantity: ______________________ Make sure you graph the changes in the market for both price and…
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The following table shows the annual demand and supply in the market for shorts in Philadelphia. TTT Price Quantity Demanded Quantity Supplied (Dollars per pair of shorts) (Pairs of shorts) (Pairs of shorts) 1,375 250 12 1,125 500 18 1,000 625 24 750 1,125 30 625 1,500 On the following graph, plot the demand for shorts using the blue point (circle symbol). Next, plot the supply of shorts using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shorts. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 36 30 Demand Supply Equilibrium 250 500 750 1000 1250 1500 QUANTITY (Pairs of shorts) PRICE (Dollars per pair of shorts) 24
Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?
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