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Essay / Research Paper Abstract
This 7 page paper looks at the influences on gasoline prices in the United States. The consumer price index between 1962 and 2000 is used to illustrate the effect of supply and demand of oil on the retail price of fuel. Additional influential factors are also considered. The paper includes 1 bar chart and two graphs. The bibliography cites 4 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEusgaso.rtf
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Unformatted sample text from the term paper:
car to get to work, take children to school and travel to and from work. Those who do not have cars of their own may use public transport or friend
cars which will still used this commodity. The effect of gasoline prices on the economy does not stop here, as in addition to transporting people it also transports products, from
the pizza delivery man to the large lorry which supplies the local Wal-Mart. This means that all the good purchased will have an element of their price reflecting the transportation
costs. In other countries where gasoline prices are higher, such as the United Kingdom, this influence can be seen to have a direct effect on retail process and the economic
measures of the retail prices indices. The price of any good usually depends on supply and demand. Where demand is greater
than supply the price will rise as there is not enough of the goods to satisfy the market. This means that as the price rises the demand will gradually fall
until the amount supplied will meet the new level of demand. This is known as the equilibrium. The converse is also true, where there is to much of a product
on the market and not enough demand for the product to be sold then prices will fall, until the price becomes attractive enough for demand to increase, and again the
prices will meet at the point of equilibrium. It is this point which determines price, see fig 1.
Fig 1 Supply and Demand (Nellis et al PG) Where the demand decreases the demand line will move
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