Econ 203 Mid-term Workforce Assessment
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Econ</strong> <strong>203</strong> <strong>Mid</strong>-<strong>term</strong> <strong>Workforce</strong> <strong>Assessment</strong><br />
Follow Below Link to Download Tutorial<br />
https://homeworklance.com/downloads/econ-<strong>203</strong>-mid-<strong>term</strong>-workforce-assessment/<br />
For More Information Visit Our Website ( https://homeworklance.com/ )<br />
Email us At: Support@homeworklance.com or lancehomework@gmail.com<br />
<strong>Econ</strong> <strong>203</strong> <strong>Mid</strong>-<strong>term</strong> <strong>Workforce</strong> <strong>Assessment</strong>: Shocks in the Market for Gas<br />
A key skill in economics is the ability to use the theory of supply and demand to analyze specific<br />
markets. In this assessment, you will demonstrate your ability to analyze the effects of several<br />
“shocks” on the market for gas at service stations.<br />
Carbon tax: Suppose the government imposes a carbon tax on oil production.<br />
1. Will this affect the supply or the demand for gasoline? Why? Which de<strong>term</strong>inant of<br />
demand or supply is being affected?<br />
2. Show graphically with before and after curves on the same axes.<br />
3. How will this change the equilibrium price and quantity of gasoline? Explain your<br />
reasoning. (Be sure to identify which of the following apply: the cost of production, a<br />
change in technology, tastes and preferences, income, the price of substitutes or the price<br />
of complements affects equilibrium price and equilibrium quantity)<br />
4. Electric cars: Now consider the invention of cheap electric vehicles.<br />
5. Explain how you imagine the invention of cheap electric cars would affect the market<br />
(demand or supply) for gasoline? Why? Which de<strong>term</strong>inant of demand or supply would<br />
be affected?<br />
6. Show graphically with before and after curves on the same axes.<br />
7. How will this change the equilibrium price and quantity of gasoline? Explain your<br />
reasoning. (Be sure to identify which of the following apply: the cost of production, a<br />
change in technology, tastes and preferences, income, the price of substitutes or the price<br />
of complements affects equilibrium price and equilibrium quantity)<br />
8. Combine Cases 1 and 2: Suppose that a carbon tax is imposed and electric cars become<br />
common.
9. What will the combined impact be on the equilibrium price and quantity of<br />
gasoline? Explain your reasoning and show graphically.
Change language