Business Finance
Supply and Demand in area 77002, assignment help

Question Description

You operate a delivery service in your local area, but you are thinking of expanding to another market.  You're concerned that you might need to set different prices in the new market because the cost of gas might be much different. 

Identify 10 gas stations in your local area.

Record the price per gallon for each gas station.

Research supply and demand curves for gasoline.

Create an Excel® spreadsheet in which you do the following:

  • Create a supply curve for gasoline.
  • Create a demand curve for gasoline.
  • Calculate the average cost of gas in your local area.
  • Calculate the standard deviation.

Determine whether the prices in your local area are higher or lower than the national average.

Create a 700-word proposal in which you include the following:

  • Explain elasticity of supply and demand and how this relates to your pricing decision.
  • Determine if your prices will be higher, lower, or the same for the new location.
  • Defend the pricing decision including all supporting documentation.

Cite a minimum of two scholarly references not including your text.


Unformatted Attachment Preview

Math in Economics Grading Guide QRB/501 Version 6 Individual Assignment: Math in Economics Purpose of Assignment The Week 4 assignment explores some of the foundation skills needed for more economic driven courses. Students will take a general business scenario and use the basics of supply and demand to make business decisions. An in-depth knowledge of Economics is not needed to perform these graphs and this aid in understanding the connection between math and other areas. Resources Website: https://www.fueleconomy.gov/feg/gasprices/states Grading Guide Met Content Partially Met Not Met Total Available Total Earned 3.5 #/3.5 The student correctly created a supply curve for gasoline. The student correctly created a demand curve for gasoline. The student correctly calculated the average cost of gas in their local area. The student correctly calculated the standard deviation. The Excel® spreadsheet includes all relevant calculations. The student explained elasticity of supply and demand and how this relates to their pricing decision. The student determined if the prices are higher, lower, or the same as those in the current location. The student defended the pricing decision including all relevant supporting documentation. The paper is 700 words in length. Copyright © 2016 by University of Phoenix. All rights reserved. Comments: 1 Math in Economics Grading Guide QRB/501 Version 6 Met Writing Guidelines Partially Met Not Met Total Available Total Earned 1.5 #/1.5 5 #/5 The paper — including tables and graphs, headings, a title page, and a reference page — is consistent with APA formatting guidelines and meets course-level requirements. The paper includes properly cited intellectual property using APA style in-text citations and a reference page. The paper includes paragraph and sentence transitions that are logical and maintain flow throughout the paper. The paper includes sentences that are complete, clear, and concise. The paper follows proper rules of grammar and usage including spelling and punctuation. Assignment Total # Additional comments: Copyright © 2016 by University of Phoenix. All rights reserved. Comments: 2 ...
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Final Answer

Here is the answer. Thanks.

Gas Station
ANL Filling Station
LMO Filling Station
PSL GAS Station
STD GAS Station
ANZ Filling Station
Zampa Filling Station
Park Road Filling Station
Link Road Filling Station
Fleet Street Gas Station
Auto Gas Station

Price of
Gasoline ($ Per
Gallon)
2.245
2.454
2.683
2.653
2.532
2.322
2.356
2.385
2.356
2.435

ANL Filling Station
Zampa Filling Station
Park Road Filling Station
Fleet Street Gas Station
Link Road Filling Station
Auto Gas Station
LMO Filling Station
ANZ Filling Station
STD GAS Station
PSL GAS Station

Price of Gasoline ($
Per Gallon)
2.245
2.322
2.356
2.356
2.385
2.435
2.454
2.532
2.653
2.683

Quantity Supply of Gasoline
(Gallons Per Day)
100000
105000
107000
110000
113000
115000
125000
130000
143000
148500

2.75
2.7
2.65
2.6
2.55

Price

Gas Station

2.5
2.45
2.4
2.35
2.3
2.25
2.2
90000

Supply Curve of Gasoline

90000

108000

126000

Quantity Supplied

144000

ANL Filling Station
Zampa Filling Station
Park Road Filling Station
Fleet Street Gas Station
Link Road Filling Station
Auto Gas Station
LMO Filling Station
ANZ Filling Station
STD GAS Station
PSL GAS Station

Price of Gasoline ($ Quantity Demand of Gasoline
Per Gallon)
(Gallons Per Day)
2.245
143500
2.322
135000
2.356
128000
2.356
120000
2.385
115000
2.435
111000
2.454
105000
2.532
99000
2.653
95000
2.683
90000

2.75
2.7
2.65
2.6
2.55

Price

Gas Station

2.5
2.45
2.4
2.35
2.3
2.25
2....

FinAccGuru (1385)
Duke University

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