Supply and Demand Essay

Total Length: 1376 words ( 5 double-spaced pages)

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Gasoline, similar to any other commodity in the marketplace, is influenced by the forces of demand and supply. In turn, this impacts the quantity amount of the commodity that is demanded and supplied to the consumers. The following discussion will encompass the gas prices of gasoline per gallon in ten different gas stations. Thereafter, the theory of demand and supply will be utilized to ascertain the change in prices and the new prices to be set in a new market.



The following are 10 gas stations in your local area with a record of the price per gallon for each gas station.



Gas Station



Price per Gallon



Catt-Rez Enterprises Inc. 10910 Erie Rd & Lakeshore Rd



Big Indian Smoke Shop 597 Milestrip Rd near Farnham Rd



Wolf's Run 12795 Four Mile Level Rd near Iroquois Dr.



Signals 11024 Southwestern Blvd near Brant Farnham Rd



Heron's Landing 11186 Southwestern Blvd near Railroad Ave



Native Pride II 11403 Erie Rd & Milestrip Rd



1.95



Rez Smoke Shop 986 Bloomingdale Rd near New Rd



2.05



Mobil 718 11th Ave & W. 51st St.



4.19



CITGO 1320 Hutchinson River Pkwy N. near Balcom Ave



3.79



i. Create a supply curve for gasoline



Gas Station



Price per Gallon


Supply



Catt-Rez Enterprises Inc. 10910 Erie Rd & Lakeshore Rd



1.77



50



Big Indian Smoke Shop 597 Milestrip Rd near Farnham Rd



1.
82



60



Wolf's Run 12795 Four Mile Level Rd near Iroquois Dr.



1.85



70



Signals 11024 Southwestern Blvd near Brant Farnham Rd



1.89



80



Heron's Landing 11186 Southwestern Blvd near Railroad Ave



1.89



80



Native Pride II 11403 Erie Rd & Milestrip Rd



1.95



90



Rez Smoke Shop 986 Bloomingdale Rd near New Rd



2.05



Mobil 718 11th Ave & W. 51st St.



4.19



CITGO 1320 Hutchinson River Pkwy N. near Balcom Ave



3.79



ii. Create a demand curve for gasoline



Gas Station



Price per Gallon



Demand



Catt-Rez Enterprises Inc. 10910 Erie Rd & Lakeshore Rd



1.77



Big Indian Smoke Shop 597 Milestrip Rd near Farnham Rd



1.82



Wolf's Run 12795 Four Mile Level Rd near Iroquois Dr.



1.85



Signals 11024 Southwestern Blvd near Brant Farnham Rd



1.89



90



Heron's Landing 11186 Southwestern Blvd near Railroad Ave



1.89



90



Native Pride II 11403 Erie Rd & Milestrip Rd



1.95



80

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References

Arnold, R. A. (2010). Micoreconomics. Ohio: South Western Cengage.

Gans, J., King, S., & Mankiw, N. G. (2011). Principles of microeconomics. Cengage Learning.

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