What caused prices to rise and then to fall

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Reference no: EM13998796

After a spike last week as Hurricane Irene threatened East Coast oil refineries, Atlanta gas prices have started falling, according to a website that tracks how much we pay to fill up our tanks. Metro Atlanta's average price early Monday of $3.65 for a gallon of regular unleaded was a penny cheaper than on Sunday, and 4 cents below the national average.

What caused prices to rise and then to fall? Are there other products that may have experienced changes in prices as a result of Hurricane Irene? Why?

Draw a Supply/Demand graph for gas. Explain how you labeled the axes of your graph, what the demand curve looks like, what the supply curve looks like, how you labeled the equilibrium price and quantity, any curve shifts, and what happened to equilibrium price and quantity as a result of the curve shifts (changes in demand and/or supply).

Reference no: EM13998796

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