In june 2008 the us retail gas price jumped from 3 to 4 a


In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from one million barrels to 800,000 barrels.

Calculate the changes in consumer and producer surplus.

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Business Economics: In june 2008 the us retail gas price jumped from 3 to 4 a
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