PART I - Chapter 1

Suppose the regulated price of gas were $4.50 per thousand cubic feet instead of $3.00. How much excess demand would there have been? With a regulated price of $4.50 for natural gas and the price of oil equal to $50 per barrel, Demand: QD = 0.02 ( 1.8(4.50) + 0.69(50) = 26.4, and. ................
................