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Economics
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15 Feb 2019

(Macroeconomics)

Use the principles of supply and demand to address a predetermined goal (set by the student) in the gasoline market. Be clear on what the current market indicates and why and what your future goal is.

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Nelly Stracke
Nelly StrackeLv2
18 Feb 2019

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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
Principles of Macroeconomics
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ISBN: 9781947172388
Principles of Microeconomics
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Related questions

Which of the following lies primarily within the realm of macroeconomics?

a. a study of the demand for gasoline

b. a study of how tax cuts stimulate aggregate production

c. an analysis of supply and demand conditions in the electricity market

d. a study of the impact of 'mad cow' disease on the price of beef worldwide

Demand: P = 7 -2Q

Supply: P = 4 + Q

Where P is output price in $/bushel and Q is billions (1,000,000,000s) of bushels.

1. Suppose there is a negative externality associated with wheat production. The costs that it imposes on society from water quality and soil erosion issues are estimated to be $1.50 higher per bushel than the private costs reflected in our supply function.

A. How much is the total estimated externality cost being borne by society? (hint: the per bushel externality cost times the total bushels produced at market equilibrium)

B. What do we call a tax that is designed with a goal of correcting for a negative externality?

C. How much would such a tax have to be to achieve this goal in this market?

The prices of petroleum products in the world market are constantly in the news and associated with them is the falling gasoline prices in the United States. In an essay, discuss the factors that are affecting the market for gasoline. How will the change in each of these factors affect the supply and demand of gasoline in the United States? Ensure your analysis is limited to economics; apply your knowledge of demand, supply and elasticity. 

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