Everyday Economics 2.3 Questions Is the demand for fossil fuels likely to increase? Will a high...

Everyday Economics 2.3

Questions

Is the demand for fossil fuels likely to increase?
Will a high price for gasoline force us to look for substitutes?
Gasoline prices are increasing and so is the demand of SUVs. Explain this apparent contradiction.
What impact would higher prices for gasoline have on the demand for those houses in the suburbs of major Canadian cities? Explain

Expert Solution

ANS

Yes, the demand of fossil fuels is likely to increase in upcoming time. It will increase due to the increase in consumption of fossil fuels for the industrial purposes.

ANS

Yes. The high prices of the gasoline has lead the industrialists to look for the substitutes as they are paying high prices for these fuels because of their limited supply and increase in demand.

ANS

The gasoline prices are increasing and so is the demand of SUVs because the demand of SUVs increase because of rapid industrialization and the SUV use gasoline for operation because of which the demand of SUV rise and due to this increase in demand the price of gasoline rise.

ANS

The rising prices of fuels would decrease the demand of suburbs houses of Canada as the cos of transportation of the people will increase significantly which will lead to decrease in demand of these houses. Although this effect would be very small.

Rahul Sunny answered 2 years ago

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