Supply and Demand and Price Elasticity

 

Team B: Names

ECO/212

University of Phoenix

 

 

Supply and Demand and Price Elasticity

 

Our discussion will tackle the topic about gasoline, specifically, the supply and demand of gasoline and its different elasticity. Crude petroleum oil is refined in terms of quality and one of the products of the refining process applied is gasoline. A product such as gasoline is very volatile and it is composed of different chemicals such as ethanol that makes it combustible, which is why it is used as fuel for cars and machines. During the tail end of the 1800’s, people started using gasoline to fuel the tractors they used to take care of their farms. Up until this time gasoline is still used to make our everyday lives possible. In the next part of our discussion, the details on the supply and demand of gasoline will be tackled, its everyday uses and how the behavior of these two elements affects the price and value of the product.