Equilibrium price of natural gas increased

Assignment Help Macroeconomics
Reference no: EM133237105

Situation 1: Natural gas

More than half of the homes in the United States are heated by burning natural gas. According to a Wall Street Journal article, demand for natural gas decreased during the winter of 2012 due to unusually warm weather. At the same time, "robust [natural gas] production from US shale fields has created record supplies." Use supply and demand graphs to illustrate your answers to the following

Questions:

1. Can we use this information to be sure whether the equilibrium quantity of natural gas increased or decreased?

Response:

2. Can we use this information to be sure whether the equilibrium price of natural gas increased or decreased? make the chart

Response:

Reference no: EM133237105

Questions Cloud

Find economic data and statistics : To what extent have changes in the economic environment within the country of your choice (Kenya) impacted the flow of goods or services within the last three y
Explain the key macroeconomic indicators : Explain the key macroeconomic indicators that a business needs to consider before expanding to a foreign market of your choice. Discuss the opportunities and ri
Identify and name at least one professional organization : Identify and name at least one professional organization/agency that assists your cause, including what the agency does
Devising a strategy for international trade : Economic indicators provide insight into the performance of a country and are invaluable when devising a strategy for international trade. The business environm
Equilibrium price of natural gas increased : More than half of the homes in the United States are heated by burning natural gas. According to a Wall Street Journal article, demand for natural gas decreased
Explain the significance of the research topic to nursing : Topic: "the homeless community lacks sufficient access to healthcare". - Explain the significance of the research topic to nursing
How could interfere with the populations engagement : Explain how at least one potential obstacle could interfere with the population's engagement with your topic.
How will emotional intelligence apply to your success : How will emotional intelligence apply to your success post-college; or if you are already working, how does emotional intelligence apply to your behavior
Determine gdp for economy : Determine GDP for this economy using [i] the product [value added} approach, {ii} the expenditure approach, and (iii) the income approach.

Reviews

Write a Review

Macroeconomics Questions & Answers

  Explain why some final goods and services are not included

GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP.

  Describe the flow of money and goods in an economy

Discuss Economic Science and Policy. Using the circular flow model, describe the flow of money and goods in an economy. GDP and direct correlations.

  Explain how bank losses from mortgage backed securities

Explain how bank losses from mortgage backed securities could lead to an investment bank becoming insolvent and going bankrupt. Your explanation should use a somewhat realistic T-Account

  How did gdp change from 2008

What was Real GDP for 2009 - How did GDP change from 2008 and what caused these changes?

  Compute the equilibrium price nd quantity sold by monopolist

Consider a monopolistic firm producing a good with the following cost funciton C(y) = ay where a > 0. The firm faces the following demand function D(p) = Bp-n where B, n > 0. This kind of demand function is known as CES (Constant Elasticity of Substi..

  How do intelligence gathering strengthen us policy

How do intelligence gathering and counterterrorism measures strengthen U.S. policy against domestic terrorists? Explain in detail the reasons for your answer.

  Show effects of policy on the equilibrium interests rate

Due to a technological boom and rapid expansion of the economy, the Federal Reserve Bank is pursuing a contractionary monetary policy.

  Question regarding the money and banking

Select one Economics related article from the Wall Street Journal, the New York Times or the Economist that pertains to Money and Banking.

  Calculate the income elasticity of demand

Calculate the income elasticity of demand ηI. Are vegetables inferior goods and calculate the optimal prices in each market - What would be the profit of the XOCOLAT FACTORY if it decided to engage in price discrimination?

  Determine that the lowest sustainable average cost

A monopolist has determined that marginal revenue is $2.00 and average cost is $1.75. It has also determined that the lowest sustainable average cost is $1.75. To maximize profit, should the firm lower its price, increase its price, or leave the p..

  Compute the present worth for the actual dollar cashflow

There is an investment opportunity that you would like to analyze. The opportunity requires that you pay $20,000 today, and in return, the investment would send you a check for $6000 at the end of the first year, $8000 at the end of the second yea..

  Explain the conditions of sustainable development

A) Do you think this approach is effective? If not, explain some of the possible problems you think might arise.

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