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Can Gouging Be a Good Thing? Question and Answer Task

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Can Gouging Be a Good Thing?
12a) After Hurricane Katrina what happened to the prices of lumber and building materials?
b) Use the Supply & Demand Curves to explain your answer.
13) What effect did Hurricane Katrina have on oil prices? Explain in terms of Supply & Demand.
14a) In New Jersey, they passed a law that prohibited two price increases in one day. Explain how this is a price ceiling. Draw the graph to show a price ceiling.
b) What was the result of the price ceiling?
15) When Russell Roberts wanted to have a deck built, he found that the price had doubled. Use your knowledge if Supply & Demand to explain wh

Over a Barrel 1) In the past what were the main reasons for:
a) An increase in the price of oil?
b) Draw the Demand & Supply curves on the graph to show the theory behind your explanation in 1A.
2a) Today, what is the major reason for rising gas prices?
b) Draw the Demand and Supply curves on the graph to show the theory behind your answer in 2A.
3) Where is the demand coming from?
4) In the coming future, do you expect prices to decline? Why or Why not?
5) What has Europe done to decrease the Demand for oil? Do you think this is a good or bad idea?
6) What outside forces can affect oil prices?
7) How do rising oil prices affect almost everything we buy?
8) How do rising oil prices hurt US auto industries and help foreign cars?
9) How has the rising price of oil helped push the US economy toward recession?
10) Explain the Economic reasons why China may oppose sanctions on the Sudan?
11) Why have high pricees encouraged oil companie stotry and find more oil? Is this an example of the Law of Supply? Explai

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Question and Answer
Your Name
Subject and Section
Professor’s Name
April 5, 2019
1 In the past what were the main reasons for:
1 An increase in the price of oil
1 In the past, most of the sudden and dramatic increases in the price of oil is due to sudden disruptions in supply.
2 Draw the demand and supply curves on the graph to show the theory behind your explanation in 1A
PriceQuantitySupplyDemandPriceQuantitySupplyDemand
2 Today what is the major reason for rising gas prices?
Today, the major reason for the rising gas prices is because of the ever increasing demand for oil, which is, rooted to different factors such as people’s appetite for bigger cars and houses as well as the tension in the Middle East, among others
3 Draw the demand and supply curves on the graph to show the theory behind your answer in 2A
PriceQuantitySupplyDemandPriceQuantitySupplyDemand
3 Where is the demand coming from?
4 The increasing demand for oil is coming from the increasing number of people who are buying more cars that consumes oil particularly from countries that have a lot of population such as America, India, and China.
4 In the coming future, do you expect prices to decline? Why or why not?
5 No, as the population continues to increase while the cost of buying a car decreases, the demand for cars would also increase. In turn, this would lead to an increase in fuel consumption and a decrease in the supply of fuel, which is of limited quantity. All in all, this would surely lead to an increase in prices.
5 What has Europe done to decrease the Demand for oi...
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