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Question 1 (12 marks) This question is based on the following cartoon: Maximum word count: 100 words Recartoons que Just why is petrol so expensive? SUPPLY DEMAND (i) What word/words will an economist use to describe the market condition depicted in the cartoon (ii) Draw a diagram of the market for petrol that illustrates the market condition depicted in the cartoon. (ii) Explain the adjustment process to the new equilibrium position in the market for petrol.

Question 1 (12 marks) This question is based on the following cartoon: Maximum word count: 100 words Recartoons que Just why is petrol so expensive? SUPPLY DEMAND (i) What word/words will an economist use to describe the market condition depicted in the cartoon (ii) Draw a diagram of the market for petrol that illustrates the market condition depicted in the cartoon. (ii) Explain the adjustment process to the new equilibrium position in the market for petrol.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 1 (12 marks) This question is based on the following cartoon: Maximum word count: 100 words Recartoons que Just why is petrol so expensive? SUPPLY DEMAND (i) What word/words will an economist use to describe the market condition depicted in the cartoon (ii) Draw a diagram of the market for petrol that illustrates the market condition depicted in the cartoon. (ii) Explain the adjustment process to the new equilibrium position in the market for petrol.
Transcribed Image Text:Question 1 (12 marks) This question is based on the following cartoon: Maximum word count: 100 words Recartoons que Just why is petrol so expensive? SUPPLY DEMAND (i) What word/words will an economist use to describe the market condition depicted in the cartoon (ii) Draw a diagram of the market for petrol that illustrates the market condition depicted in the cartoon. (ii) Explain the adjustment process to the new equilibrium position in the market for petrol.
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