Briefly explain how the supply curve for tanker truck drivers has shifted in April 2021 and What impact has this had on availability and cost in gasoline in the US?
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Briefly explain how the supply curve for tanker truck drivers has shifted in April 2021 and What impact has this had on availability and cost in gasoline in the US?
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- What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraphIran has threatened to close the Straits ot Hormuz, a narrow passageway that connects the Persian Gulf and the Indian Ocean. As a result, gas prices have increased. What is the effect on grocery prices in general? What Will be the fifth on demand and supply of gas in Texas? 1. what has happened to his concern you as an economist?The table below illustrates the market's demand and supply for cheddar cheese. Price Per Pound[$] Quantity demanded Quantity Supplied 3.00 320 200 3.50 280 220 4.00 240 240 4.50 200 260 5.00 160 280 A new study says that eating cheese is good for your health, so that demand increases by 30% at every price. What is the equilibrium quantity in the market after the study?
- Do you agreee that when the price of petrol rises, the demand for cars decreases.Demand: 1-4 1. Currently, gas and fuel prices have been rising steadily for months. How has the drastic increase in fuel affected the demand curve for Ford F150 trucks? Show the shift in demand and name the determinant. *Name the determinant: 2. Assuming that Old Navy jeans and Gap jeans are suitable substitutes, what would happen to the demand curve for Gap jeans in the following price scenario: Gap Jeans @ $58.00; Old Navy Jeans @ $75.00 *Name the determinant:Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?
- What would the gasoline price elasticity of supply mean to UPS or FedEx?The table below shows the percentage change in quantity demanded of sending regular mail, of sending parcels, and of home broadband service in Australia from a one-percent increase in each specified price (holding all other prices constant): Change in price of: Sending regular mail Effect on quantity of: Sending regular Sending parcels Home broadband mail -1.5 Sending parcels 0 Home broadband +0.05 0 -1 -0.7 +0.01 -0.11 -0.5 a) For which services is quantity demanded price elastic? Or price inelastic? b) Which services are substitutes and which are complements? c) How would an increase in the price of sending regular mail affect total revenue to Australia Post from that service? How would an increase in the price of home broadband affect total revenue to suppliers of broadband?WHEN DO YOU SAY THAT THERE IS EXCESS SUPPLY FOR A COMMODITY IN THE MARKET?
- The accompanying table shows the price and monthly demand for barrels of gosum berries in Gondwanaland. Price of gosum berries per barrel Native demand for gosum berries per month $100 0 $90 100 $80 200 $70 300 $60 400 $50 500 $40 600 $30 700 $20 800 $10 900 $0 1,000 A) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it mean for how demand will change based on a change in price within this price range? (Enter your response here.) B) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $70 to $80. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it…Q4 Which of the following statements about the consumers’ responses to rising gasoline prices is correct? Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. About 90 percent of the long-run reduction in quantity demanded arises because people drive less and about 10 percent arises because they switch to more fuel-efficient cars. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars.You are able to collect the following data on the impact of a one-cent increase in gasoline prices. Calculate the percentage change in demand for each service station. (Round your responses to two decimal places. If the change is negative, be sure to include a minus sign.) Service Station Gasoline Sold (thousands of gallons) With No Price Increase Gasoline Sold (thousands of gallons) With 1-Cent Price Increase Percentage Change A 120 90 B 160 140 C 210 180 D 320 280
