Explain what changes in demand and supply would be required

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Currently, the national gas price average is $2.46, with states like Alabama having a $2.25 average price. Most of us likely remember when gas prices reached a $4+ average.

Professor Carden's explanation that supply and demand influence gas prices indicate that the market is competitive, i.e there are thousands of firms all competing to bring oil and gas to the market and millions of consumers demanding that oil and gas.

This means that some combination of supply and demand changes caused the high price and another combination caused the low price.

1) Explain what changes in demand and supply would be required to get the low price and the high price.

2) I don't believe what Professor Carden is saying. Explain to me why I am wrong or why I am right.

List some items that will have the relative price increase during zombie apocalypse and explain why their prices increase compared to others.

A zombie apocalypse seems to create a shortage of much of what we produce today simply because the workers who produce those items are in short supply. What actions can be taken to ensure that the supply of items like bullets, medical care and food are available (be sure to use concepts from chapter

4). Lastly, is it possible for markets to still exist during a zombie apocalypse? If so, what is being traded and how is it that we pay for those items?

Reference no: EM131699328

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