04 May WHAT FACTORS LEAD TO LOW PUMP GAS PRICES THESE DAYS FROM DEMAND PERSPECTIVES?
.1 [2.5% of the grade]: Answer All 2 Questions Below.
1. What factors lead to low pump gas prices these days from Demand perspectives? Apply TIPEN Demand Determinants.
2. What factors lead to low pump gas prices these days from Supply perspectives? Apply PRESTN Supply Determinants.
Q.2 [2.5% of the grade]: Answer All 2 Questions Below.
1. How does self-interest help achieve societys economic goals? Think about your self-interest as a consumer. Use your example as a consumer.
2. In what way are entrepreneurs and businesses at the helm of the economy, but commanded by consumers? Apply our circular flow economy.
Q.3 [2.5% of the grade]: Answer All 2 Questions Below.
1. What is market equilibrium? Show this graphically. Why is it advantageous for the market price to be at equilibrium? Discuss the issues of Price Ceiling and Price Floor.
2. Rents are soaring in LA area. What factors drive the rents going up? What do you observe in your local housing market?
Q.4. [2.5% of the grade]: Answer All 2 Questions Below.
1. Suppose the U.S. Congress is considering passing an excise tax that would increase the price of a pack of cigarettes by $1.00. What would be the likely effect of this change on the demand and supply of cigarettes? Show this graphically.
2. What is likely to happen to cigarette market Price and the Quantity demanded (Qd) if the tax bill is enacted? Show this graphically.
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