Chapter7 - price of gasoline S2 P3 S1 P2 price ceiling P1 D...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: price of gasoline S2 P3 S1 P2 price ceiling P1 D Q3 Q1 quantity of gasoline Fig 1 10 price 9 S 8 7 6 5 4 3 2 D 1 D after tax 10 20 30 Fig 2 40 50 60 70 80 quantity Fig 3: below we have three different combinations of supply and demand price S D quantity market (a) price S D quantity market(b) price S D quantity market(c) Price 170 160 Supply 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Demand 1 2 3 4 Fig4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity ...
View Full Document

This note was uploaded on 06/15/2011 for the course ECON 224 taught by Professor Ozturk during the Fall '09 term at South Carolina.

Page1 / 3

Chapter7 - price of gasoline S2 P3 S1 P2 price ceiling P1 D...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online