Question 2a: This one is specifically about natural gas! Please use the chart below to show three functions: the demand for natural gas, the supply of natural gas prior to the new natural gas discoveries (label it 2000), and the current supply of natural gas (label it this year). Further, on the chart show the year 2000 natural gas price and the current year price. For this question assume that there is no change in demand for natural gas from 2000 to this year. 2b. Look at the price changes you presented for natural gas in part a. For this question discuss how this price change could effect markets/products which rely heavily on natural gas. An example product that relies heavily on natural gas is electricity. (You can write about electricity or another product if you prefer.) Question 2a: This one is specifically about natural gas! Please use the chart below to show threefunctions: the demand for natural gas, the supply of natural gas prior to the new natural gas discoveries(label it 2000), and the current supply of natural gas (label it this year). Further, on the chart show theyear 2000 natural gas price and the current year price. For this question assume that there is nochange in demand for natural gas from 2000 to this year.PriceQuantity2b. Look at the price changes you presented for natural gas in part a. For this question discuss how thisprice change could effect markets/products which rely heavily on natural gas. An example product thatrelies heavily on natural gas is electricity. (You can write about electricity or another product if youprefer.)

1b. Below graph shows the DD is the demand curve and S is the supply curve. Before the new natural…

Answered: Question 2a: This one is specifically…

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 2a: This one is specifically about natural gas! Please use the chart below to show three functions: the demand for natural gas, the supply of natural gas prior to the new natural gas discoveries (label it 2000), and the current supply of natural gas (label it this year). Further, on the chart show the year 2000 natural gas price and the current year price. For this question assume that there is no change in demand for natural gas from 2000 to this year.

2b. Look at the price changes you presented for natural gas in part a. For this question discuss how this price change could effect markets/products which rely heavily on natural gas. An example product that relies heavily on natural gas is electricity. (You can write about electricity or another product if you prefer.)

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