I have a paper and graph that I need help with by this time tomorrow. Here are the instructions and grading guide:
Math in Economics
You operate a delivery
service in your local area, but you are thinking of expanding to another
market. You’re concerned that you might need to set different prices in
the new market because the cost of gas might be much different.
Identify 10 gas stations in
your local area.
Record the price per
gallon for each gas station.
Research supply and demand
curves for gasoline.
Create an Excel®
spreadsheet in which you do the following:
- Create a supply curve for
gasoline. - Create a demand curve for
gasoline. - Calculate the average cost of
gas in your local area. - Calculate the standard
deviation.
Determine whether
the prices in your local area are higher or lower than the national average.
Create a 700-word
proposal in which you include the following:
- Explain elasticity of supply
and demand and how this relates to your pricing decision. - Determine if your prices will
be higher, lower, or the same for the new location. - Defend the pricing decision
including all supporting documentation.
Cite a minimum of two
scholarly references not including your text.
Gas prices can be found at:
https://www.fueleconomy.gov/feg/gasprices/states/
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