Your job in this question is to be a demand analyst. Do some research on your...

Your job in this question is to be a demand analyst. Do some research on your own to determine the price and nonprice determinants of the demand for gasoline. Be sure to develop a general functional form demand equation that is “signed,” and be sure to explain the signs. Suppose you estimate the demand equation, and the demand equation is Qd = 100-2*P, interpret the slope and intercept, and explain how the NPDs are somehow implied in this demand schedule. Suppose the economy goes into a recession and an gasoline is a normal good, use words, math and a graph to illustrate how the demand schedule for the gasoline changes.

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Rahul Sunny answered 1 year ago

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