User Account

All Pages

Large portion of refining and pipeline capacity

Assignment Help Macroeconomics
Reference no: EM131086797

"Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see

a) the quantity demanded equal to the quantity supplied

b)a shortage of gasoline 

c)a surplus of gasoline

d) an increase in the demand for gasoline

The right answer is B) a shortage of gasoline, but I thought it was A) the quantity demanded equal to the quantity supplied, since it is at initial equilibrium price? Can someone help explain this?

Reference no: EM131086797

Questions Cloud

Agency that lists central station systems : According to NFPA 72, central station systems are required to be listed by an approved listed agency. Research and identify one approved listed agency that lists central station systems. Discuss the requirements in order to be listed as a central ..
Concept of comparative advantage : Search the Web or Library databases to find two credible sources that examine the concept of comparative advantage, either in a theoretical or case study context. In your first post to the Discussion Forum, describe what each source argues about c..
Contemporary project management - kloppenborg : This project will help the Jones Family a family of 5 go to Disney World by the summer of 2017. The funds will be gathered between all family members since all have jobs.
Identify ethical and regulatory considerations : Identify ethical and regulatory considerations. Analyze the following factors that have affected the coffee industry over time: Explain the effects of supply and demand generally and specifically related to the coffee industry.
Large portion of refining and pipeline capacity : "Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. At the pre-hurric..
Calculate the wages of two workers : therewere 500 workers in a factory. Their mean weight was calculated as Rs200. Later on it was discovered that the wages of 2 workers were missread as 180 and 20 in place of 80 to 220. Find the correct average?
Discuss why penicillin was called the miracle drug : Discuss why Penicillin was called the miracle drug when it was first used in the 1940's.
Plot the temperature distribution for the entire strip : Plot the temperature distribution for the entire strip
Discuss different type of promotion use by several companies : Discuss different types of promotions used by several companies. Explain group promotion mix components by company and analyze them for a consistent message. Identify the likely target market for each piece of promotion.

Reviews

Write a Review

Macroeconomics Questions & Answers

  Inflation targeting be a good policy

Why might it be difficult for the Fed to formally adopt inflation targeting?  Would inflation targeting be a good policy for the Fed in the present economic environment

  In using the taylor rule

In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?

  Describe the present economic crisis situation in europe

Describe the present economic crisis situation in Europe.  Why has it been so difficult for the Europeans to find a solution to this problem?   Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..

  Long-term federal government budget problems

Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.

  Derive and compare demand curve

Question based on Derive and compare demand curve,  Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?

  Problem based on utility function

Problem based on  Utility Function - Problem,  Answer and explain the following using a diagram which is completely labeled.

  Laffer curve : tax rate and tax revenue

Question based on Laffer Curve : Tax Rate and Tax Revenue,  Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?

  Problem - income elasticity of demand

Problem - Income Elasticity of Demand,  Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5

  Positive balance of payment

Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."

  Effect of recession on the investment curve

Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.

  Affect of falling domestic investment on trade surplus and

How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.

  Crises in the banking sector and bank run

Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd