Was the higher price caused by a change in demand

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Reference no: EM13214018

In the last month, the price of gasoline increased by 20%. Your job is to determine what caused the increase in price: a change in demand or change in supply. Ms. Info has all the numbers associated with the gasoline market and she can answer a single factual question.(she cannot answer the question "was the higher price caused by a change in demand or a change in supply)

A. what single question would you ask?

B. Provide an answer to your question that implies that the higher price was caused by a change in demand. Illustrate with a complete graph.

C. provide an answer to your question that implies that the higher price was caused by change in supply.Illustrate with a complete graph.

Reference no: EM13214018

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