Use the laws of demand and supply

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Discuss how you can use the laws of demand and supply to explain the following scenarios: Scenario 1: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month. Scenario 2: In Wisconsin Rapids, Wisconsin, employees at a CITGO gas station intending to change the posted price of gasoline from $3.43 per gallon to $3.49 per gallon accidentally changed the price to $0.349 per gallon. A station attendant said that, within minutes, “people were coming so fast that everything was crowded like a fairground.”Part 2: Discuss how you would apply demand and supply principles if: In the first scenario, the gasoline prices would have gone down and global sales of bicycle would have reduced. In the second scenario, the employees at the gasoline station would have mistakenly posted the price of gasoline to$34.69 and people would have started running to another gasoline stations within minutes.

Reference no: EM13854031

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