Read this, this and this to answer these questions. You'll work on this today and tomorrow.
Gasoline Supply and Demand: Answer the numbered questions.
$2.00 | 50 $1.75 | 60 $1.50 | 75 $1.25 | 95 $1.00 | 120 2. Draw a supply curve for gasoline. Do this on a separate graph than #1. Gas Supply per Consumer Price per liter | Quantity (liters) supply per week $1.20 | 50 $1.30 | 60 $1.50 | 75 $1.75 | 95 $2.15 | 120 3. Now, draw a graph with both the supply and demand curve. What is the equilibrium price? 4. Saudi Arabia, a prolific oil exporting state, finds several new oil deposits. What direction does the supply curve move? 5. Tesla Motors is projected to sell 250,000 electric cars in 2016, which is up 400% from 2015. What direction will the demand curve move? 6. There is a cow shortage in Bolivia that affects the beef market. What direction will the supply curve move? 7. Cadbury eggs have been proven to cause intestinal distress. What direction will the demand curve move?
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