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Essay / Research Paper Abstract
A 6 page paper discussing econometric assessment of the movement of gas prices using the variables of time of year, price movements and the price of crude oil. The paper provides a discussion of factors possibly affecting price and demand, including elasticity and producers’ share of the final price. The paper provides Department of Energy website locations for data to be used in STATA analysis. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSeconGasPri.rtf
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Unformatted sample text from the term paper:
Information Administration of the Department of Energy began tracking weekly gasoline prices in 1990 by means of a survey of 800 service stations around the country. The average retail
price for unleaded gasoline posted its fourth record high during the week of June 12, 2000, increasing 5 cents a gallon to an average of $1.681. The price at
the pump then was higher than the same period the previous year by 56 cents and had risen 16.2 cents over the preceding month.
The question then - and for the upcoming travel season - was how far will it rise? What will consumers do about the dramatic increases that are
occurring with the arrival of each shipment? Price elasticity of demand would indicate that demand will fall as prices continue to rise, which in turn should result in a
reduction of prices and a subsequent increase in demand. Economic Theory Some of
the old theories of economics have come into question in recent years. In 1969, MIT economist Paul Samuelson pronounced the business cycle dead, saying it was no longer applicable
to modern business. OPEC began increasing oil prices less than two years later; the country and indeed the entire developed world was in deep recession by 1973 as the
business cycle proved itself to be very much alive. More recently, the dot-com environment and the price of intellectual property (i.e., software)
seemed to defy all explanation according to theory. Other products came to be affected as well. Other complaints of the law of supply and demand have been heard
...