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Essay / Research Paper Abstract
This 4 page paper takes a newspaper article about increasing gasoline process in Michigan and examines this from the perspective of supply and demand. The underlying economic concepts are explained and applied to the price movement in the gas prices, the movements are illustrated with the use of 2 supply and demand graphs. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEgas2006.rtf
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Unformatted sample text from the term paper:
drivers see gas prices increase to $2.28 per gallon", this article was access through an electronic database that does not give page numbers, but it is a small article that
is likely to have been within the first thee pages of the paper. Part 2; Summary of the Article The article looks at the way in which gas
prices have been rising for the purchase of gasoline in Michigan. The prices have been increasing for the last four weeks, the latest rise took the average price quip by
one cent to $2.28 per gallon, this was an increase of 12 cents since the 12th of October. The author is arguing that this appears to be behaving in a
way that is counter to the usual operation of supply and demand, however how and why he believes this is not stated in the article. The article notes that
the process vary across the region, process may be as high as $2.33 in Benton Harbour and as low as $2.26 in Flint and that despite the recent increases the
average price is still 3 cents lower than they were three years ago. The article also looks at the prediction of the way prices are expected to change, the AAA,
which has been taking weekly surveys of prices from 2,8000 gas station in the state have made the perdition that they expect gasoline prices to remain low for the next
few weeks through December. Part 3; Analysis of Economic the Concepts Seen in the Article To consider the concepts in there article we first need to look at
how supply and demand is impacted and reflects in the price of a product. Where there is a demand that exceeds supply the price of the goods will increase until
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