QRB/501 Version 6 You operate a delivery service in your local area, but you are thinking of expandi

Price: $10.00 USD

Document Description

Math in Economics Grading Guide
QRB/501 Version 6
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 pri

Written By

Studypool Tutor

Reviews from Students

Studypool Student
"Thanks for the help. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors