Petroleum exporting countries reduces oil production

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Reference no: EM131172556

The purpose of this assessment is to help you analyze the factors that affect the demand and supply of any product in the market. Assessment Description: Analyze the following events: 1. The price of oil increases because Organization of Petroleum Exporting Countries (OPEC) reduces oil production. 2. The tax on gasoline consumption increases. 3. Firms start producing more fuel-efficient vehicles and produce fewer vehicles that use fuel inefficiently. 4. Summer arrives and more people choose to take vacations. 5. The price of gasoline increases. 6. The price of ethanol, a complement good, increases. 7. There is a large oil spill in the Gulf of Mexico. 8. Incomes fall because a recession begins and gasoline is a normal good. 9. Consumers desire more electric-powered vehicles instead of gasoline-powered vehicles. 10. A new production method allows two times as much gasoline to be refined per day. For each event, answer the following questions: a. Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied. b. State whether the change is an increase or a decrease. c. List the determinant that led you to that conclusion.

Reference no: EM131172556

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