g.Return to the EIA webpage of data for Petroleum & Other Liquids and find the link for data on “Weekly retail gasoline and on-highway diesel prices.” Change the “Period” to “Monthly.” Find the historical data series for Gasoline price (“All Grades - Conventional Areas”). h.(3 points) Obtain the data for price of gasoline (in dollars per gallon) for August 2005. Report that value here.
i.(3 points) Obtain the data for average price of gasoline (in dollars per gallon) for September and October 2005. Report that value here.
j.(3 points) Create a line graph that compares the monthly quantity of gasoline supplied in 2002, 2003, 2004, and 2005. Provide a few sentences of commentary about this line graph and whether or not it shows the existence of supply shock in September and October 2005.

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k.(3 points) Create a line graph that compares the monthly price of gasoline in 2002, 2003, 2004, and 2005. Provide a few sentences of commentary about this line graph and whether or not it shows the existence of price impact in September and October 2005.
l.(3 points) Update the graph you drew in Part 1 to include the price and quantity values that you obtain here. Reproduce that new graph here.

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3.(12 points) Estimate an equation the pre-hurricane and post-hurricane supply curve and the demand curve for the U.S. gasoline market. a.(3 points) Using the data on the price and quantity of gasoline in August 2005 and the September/October average in 2005, calculate the implied price elasticity of demand for gasoline. The formula for the price elasticity of demand was described in the third lecture for

Cost-Benefit Analysis Fall 2017
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