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 of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period?
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 of gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same year. What could explain the price drop of gasoline? How about the gasoline price fluctuations that we observe along the period?
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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Transcribed Image Text: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 of
gasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that same
year. What could explain the price drop of gasoline? How about the gasoline price
fluctuations that we observe along the period?
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