Your answers should be 6-8 sentences long. Be sure to use appropriate economic terminology and demonstrate...

Your answers should be 6-8 sentences long. Be sure to use appropriate economic terminology and demonstrate to me that you understand microeconomics. Please make sure to answer all parts of the question.

1. Gas stations off of I-25 dramatically increased their prices during the solar eclipse in August of 2017, giving rise to complaints of “price gouging.” Using the same critical thinking presented in Week 4 Recitation, what is “price gouging?” What are the supply and/or demand changes that caused this high price for gas during the eclipse? Why would the short-run price elasticity be lower than the long-run price elasticity of demand for gas in this case? Is price gouging fair?

2. A prepackaged sandwich inside the Denver airport costs $11, while an identical sandwich only costs $5.50 at the gas station outside the airport. Using the same critical thinking presented in Week 2 Recitation, discuss what kinds of influences impact supply and demand for prepackaged sandwiches in this situation? Be sure to “delve deeper” to explain 2 impacts on the supply side and 2 impacts on the demand side that can help explain this difference in market prices for prepackaged sandwiches.

Expert Solution

Rahul Sunny answered 2 years ago

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