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Economics

1. Draw graphs and write a short essay (1-2 paragraphs) answering the following question:
Suppose that civil wars in the Middle East disrupt the flow of oil supplies, causing the price of oil to rise. Use supply and demand analysis to explain the effect on the equilibrium price and quantity of gasoline (hint: oil is the major factor input into the refining process used to produce gasoline).
Next, trace through the effects on the supply of and demand for luxury cars and economy cars. Gasoline and automobiles are perfect complements. However, economy cars offer high fuel efficiency, whereas Luxury cars do not. What happens to the equilibrium price and quantity of luxury cars? What happens to the equilibrium price and quantity of economy cars (assume that luxury cars and economy cars are substitutes)? Use supply and demand analysis to demonstrate your answer.
(Note: you should draw three supply and demand graphs, one for gasoline, one for luxury cars and one for economy cars)
2. Write a short essay explaining how economists calculate real GDP.

 

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