ASSIGNMENT Supply Demand Analysis

This is the assignment I have this week and not able to complete it in time.Please help me out as to not fail the class.
written_assignment_2_1_supply___demand_analysis.docx

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WRITTEN ASSIGNMENT 2-1 Supply & Demand Analysis
NAME: _________________________________
2-1
Consider the diagram below which depicts the market for gasoline in California. Answer the following questions or
accomplish the following instructions:
1) Label the price axis, the quantity axis, the demand curve, the supply curve, and the equilibrium in the market.
2) Would there be a surplus or a shortage at a price of $6.00? Draw in the price line at $6.00. What would be
the quantity of gasoline of the surplus or the shortage in the market? (Approximate if necessary.)
3) Would there be a surplus or a shortage at a price of $2.00? Draw in the price line at $2.00. What would be
the quantity of gasoline of the surplus or the shortage in the market? (Approximate if necessary.)
4) Would a price ceiling on gasoline lead to a surplus or shortage? Choose either the $6.00 price line or the
$2.00 price line as a price ceiling. Who would benefit and who would lose with a price ceiling on gasoline?
Market for Gasoline
12.00
10.00
8.00
6.00
4.00
2.00
0.00
0
50
100
150
200
250
WRITTEN ASSIGNMENT 2-1 Supply & Demand Analysis (Continued)
2-2 Explain what would happen to either the supply curve, the demand curve, the price of gasoline and the quantity
of gasoline traded at equilibrium if the following scenarios occurred. Provide a simple sketch of the appropriate shift
in the appropriate curve.
a) If President Trump?s reduction in taxes (passed in December 2017), caused disposable income to rise, what would
happen in the market for gasoline?
b) If President Clinton (hypothetically speaking, of course) had required 30% of all vehicles to be electric in 2018,
what would happen in the market for gasoline?
c) If President Sanders (how did he get here into our hypotheticals?) increased pollution controls on the production
of gasoline, what would happen in the market for gasoline?
d) If President Johnson (now ?who is he?? hypothetically) relaxed the rules on ?fracking? to extract oil from the
ground, leading to higher efficiencies and lower costs in the production of oil, what would happen in the market
for gasoline?
e) If President Stein (now ?who is she?? hypothetically) ended ethanol subsidies and the requirement to mix ethanol
with gasoline, what would happen in the market for gasoline?

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