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# Analyzing Economic Principles And Models: Impact Of Petrol Prices On Equilibrium Quantity And Price Essay.

6 Pages / 1,393 Words Published On: 23-02-2021

Use ‘competitive market’ theory to explain how a rise in petrol prices will affect the equilibrium price and equilibrium quantity for motor cars.
To meet the requirements of the Marking Guide, students are strongly advised to complete the following steps: Assume illustrative figures and prices only.

1. a) Create imaginary demand and supply curves for motor cars in 2015 before the rise in petrol prices (say 2015). Use illustrative figures with scales on axes, label all curves and axes, identify the equilibrium price and quantity and create a diagram heading.
b) Replicate the same demand and supply diagram now showing how the equilibrium price and quantity for cars has changed (say between 2015 and 2018).

2. Choose and fully explain the relevant demand or supply determinant that initiated the pricing and production quantity change. Ensure you cite numerical examples from your second diagram to explain and illustrate the change.
3. Using competitive market theory, explain fully the ‘market force’ that caused the equilibrium price and quantity for cars to change. Students in their written descriptions are expected to refer to figures in their second diagram.
4. On a third diagram, show with brief supporting written commentary, what other circumstances/determinant/variable would need to have changed to allow the equilibrium price for cars to decrease, but for the equilibrium quantity of cars produced to remain unchanged.

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My Assignment Help (2021) Analyzing Economic Principles And Models: Impact Of Petrol Prices On Equilibrium Quantity And Price Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/eco10001-economic-principles/petrol.html
[Accessed 25 September 2023].

My Assignment Help. 'Analyzing Economic Principles And Models: Impact Of Petrol Prices On Equilibrium Quantity And Price Essay.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/eco10001-economic-principles/petrol.html> accessed 25 September 2023.

My Assignment Help. Analyzing Economic Principles And Models: Impact Of Petrol Prices On Equilibrium Quantity And Price Essay. [Internet]. My Assignment Help. 2021 [cited 25 September 2023]. Available from: https://myassignmenthelp.com/free-samples/eco10001-economic-principles/petrol.html.

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