Please write a 1000-1500 word paper in which you address the questions below. Please format your paper according to APA guidelines (including a title page). Make sure to cite your references in a reference section. Please visit the Academic Resource Center for guidelines on using LIRN and APA format.
- Research the recent changes in the price of gasoline in the United States. Find and include a graph of the changes over time.
- What are some of the reasons for these changes? Draw demand and supply graphs to illustrate the effect of shifts in demand and/or supply on the equilibrium price and quantity of gasoline (graphs may be hand-written and scanned).
- What are the elasticity of demand and supply for gasoline and how does that affect consumers and producers of gasoline?
- What do you think will happen to the price of gasoline in the future and why? What are some ways that the United States can keep the price of gasoline under control?