Demand and Supply

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Course: Macroeconomics; Textbook: Economics Today by Miller.

Please read and refer to chapter(s) 3 and 4: Demand and Supply/Extensions of Demand and Supply Analysis in your responses.

The Topic
Remember the BP oil spill that occurred in the Gulf of Mexico off the southern coast of the United States? The cause of the spill was an explosion of a BP facility. This is said to be the worst oil spill in history. Some people said that gasoline prices would increase a lot as a result of the catastrophe. As it turned out, the well was not a production well and this didn’t happen. Butlet’s assume, for argument purposes, that the well was used to produce oil which would be refined into gasoline. Keeping that assumption in mind, discuss this situation with your classmates and come to a conclusion about what would have happened to gasoline prices if the well had been a production well. Discuss the effect of the oil spill on other products as well.

Draw a Supply/Demand graph for yourself (not to submit to me) to help you figure this out; then compare your graph with others in your class. If it’s easy for you to scan your graph and attach it to your post, do that. But if it’s not easy to do that, just describe your graph in words. That is, 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 oil spill.

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