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1.Everyones Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented sup - Essay Example

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Companies with stronghold on a country’s gas have the control of its supply and prices, and the ability to decide how much of the gas it demands…
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1.Everyones Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented sup
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1.Everyones Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented sup

Download file to see previous pages... According to the demand law that states that all other factors are held constant as the price increases, the quantity demanded decreases and as the price falls, the quantity demanded increases. The law of supply states that as the prices decrease, the quantity supplied falls and as the price increases, the quantity supplied rises. The fluctuation of gasoline prices is caused by the uncertainty of supply of crude oil because of the war in Iraq, which is a major oil producing country. The war affects the price of the gasoline because the supply is so much affected as the product hardly leaves its source due to insecurity, and because of the fear of exporters losing the products as well as their lives. Workers in the oil producing companies also halt their services because of insecurity leading to decrease in supply, hence the rise in the price of the commodity (Schneider 6).
Due to lack or minimum supply from the producing countries, and the high demand of the product, prices happen to increase bringing down the demand since other factors are not held constant in reality. The price of the gas is seasonal; it rises during summer to take advantage of the more travelling consumers who have no choice but to buy the product no matter the cost. The rise in the price of gasoline has caused the increase in price of many basic commodities it affects directly or indirectly. Examples of those commodities include foodstuffs which price increases because of high transportation cost resulting from the high cost of gasoline.
Price is at equilibrium at x1 before the introduction of the premium blends. At that point, the price of the premium coffee is P1 and the quantity supplied is Q1 making the market to be on equilibrium. The introduction of the premium blend by Starbucks increases the demand causing the demand curve to shift from initial demand curve D1 to the demand curve D2 to form a new equilibrium point x2. Increase in demand to ...Download file to see next pagesRead More
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