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Sept 25 note - Why is gasoline typically more expensive in the summer.docx

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Department
Economics
Course
ECON 1B03
Professor
Hannah Holmes
Semester
Fall

Description
Why is gasoline typically more expensive in the summer? (Ch 4) 25/09/2008 Equilibrium price – the price which Qd = Qs Equilibrium quantity – the quantity that corresponds to equilibrium price Draw demand and supple curve P1 Q1 Comparative statics If Qs > Qd there is a surplus Qd Qs The top is call the excess supply Better when we have less excess supply Equilibrium when there is no upward or downward price Producing the exact quantity demanded Socks build up and firms decrease price until equilibrium is restored 1 Why is gasoline typically mor
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