Question

Find a recent news article or video clip that centers on a change in price. Write a response to the author/anchor that explains how Supply and/or Demand are creating the price change. Include an explanation on which shifting factor is present, and how that alters the appropriate curve. Your memo should include a completely labeled Supply and Demand Curve. Include a link to the video or article in the assignment.

Answer 1

https://www.wsj.com/articles/gasoline-prices-surge-as-harveys-impact-is-felt-1504202779

Gasoline Prices Jump in Harvey’s Wake

The devastation caused by Hurricane Harvey caused the price of gasoline to rise to $2.49 a gallon. The devastation caused a shortfall in the production of gasoline and resulted in a price increase. The supply curve shifts to the left (decrease). The shifting factor is the destruction of oil wells.