Increases in the price of gasoline over the past few years, Macroeconomics

Assignment Help:

How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years? What alternatives do you have for buying gasoline? Could you change to zero consumption of gasoline in the short run? In the long run? In the short run, when the price of gasoline increases, what happens to the income you have to spend on other goods? Try to use concepts seen in this unit such as budget constraint, income and substitution effects, etc. in your answer


Related Discussions:- Increases in the price of gasoline over the past few years

Credit multiplier, use a numerical example to illustrate how credit multipl...

use a numerical example to illustrate how credit multiplier works

Give brief explanation about the labour market, Introduction of labour mark...

Introduction of labour market A vital macroeconomic variable is the total amount of labor which is used in a certain time period. Amount of labor and amount of capital are sig

International trade, Suppose home cost pricing prevails in international tr...

Suppose home cost pricing prevails in international trade, while world output is declining. Consider two economies, A and B, both having floating exchange rates and the same moneta

Relation between nominal and real interest rate, Q. Relation between nomina...

Q. Relation between nominal and real interest rate? Relation between nominal interest rate, real interest rate and inflation  If we signify the nominal interest rate by R

Price of its cabernet sauvignon, When Sonoma Vineyards reduces the price of...

When Sonoma Vineyards reduces the price of its Cabernet Sauvignon from $15 a bottle to $12 a bottle, the result is an increase in a. the demand for this wine b. the supply of

Mutual funds was taken, A sample of 57 mutual funds was taken and the mean ...

A sample of 57 mutual funds was taken and the mean return in the sample was 14.1% with a standard deviation of 9.2%. The return on a particular index of stocks (against which the m

In urdu, circular flow of national income?

circular flow of national income?

GDP AND PRICE LEVEL IN SHORT RUN, #question.WHAT IS GDP AND DIFFERENT PRICE...

#question.WHAT IS GDP AND DIFFERENT PRICE LEVEL IN SHORT RUN?.

Described as a market in equilibrium, Camping at Wilson's Promontory, a nat...

Camping at Wilson's Promontory, a national park in Victoria, isn't free, but for many years now not everyone who wants to camp at Wilson's Promontory during the Christmas holidays

GDP and GNP, y explain whether you agree or disagree with the following sta...

y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”

Write Your Message!

Captcha
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!

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