In my chosen industry, the Gas industry, price moldableity of take on is considered inelastic, although prices are high fuel is quiet in high demand due to few readably functional substitutes. The price elasticity of demand measures how much the quantity demanded responds to a form in price.(Mankiw, 2004)
The deliverance is affected by many factors that contain if it is strong or weak. These factors have to do with buyers consuming goods and work and at what rate they do this. Do the goods and services that are consumed by people created wealth, jobs and a better over all(prenominal) economy for a country. Throughout history some economies have evolved double-quick and stronger than others. Policies that the government places on industry, technology and the environment can all affect the prosperity of an economy. Of the factors that affect economic growth the industry of Oil and gas is one that holds a stronghold in the worlds and Americas economy today.
There are substitutes available but on that point are not many or well developed.
Gas and crude oil is still the major source for energy. The available substitutes
Gas (Oil) Industry 3
are solar energy, ethanol, public transportation, paltry closer to work, buying more fuel efficient cars, and crossbreeding vehicles which run on electricity thereby reducing the desire for large amounts of gas. Most would consider gas as being a necessity. Fuel for heating is a basic demand for everyone and driving is considered a basic need for people of age. The price elasticity of supply for the Gas industry is still elastic as crude oil and gas are still the number one source for energy in the US and globally. According to the CNN article Global thirst, fears keep gas...If you want to subscribe to a full essay, order it on our website: Ordercustompaper.com
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