This paper is designed to show the demand function of gasoline in the United States and how it affects consumers' buying decisions and automobile manufacturers.
Written in 2009; 888 words; 5 sources; MLA; $ 31.95
Paper Summary:
This paper first address the inelasticity of the price of gasoline and then describes the reasons for it. The paper discusses American consumers' high demand for gasoline being unaffected by changing gas prices due to the lack of available substitutes for gasoline. This does however change the consumers' demand for automobiles. This paper includes charts and graphs to illustrate the data propounded in the paper.
From the Paper:
"Gasoline's elasticity has and always will remain under 1.0. This just shows that no matter what the price of gas may be, consumers will still purchase gas. In 2007, gas prices were at a record high of almost $5/gallon in Los Angeles and yet, traffic was still awful. Why are people still driving cars and demanding gas when prices are so high? Being inelastic, there is no substitute for gas. What the increasing prices in gas do affect is the demand for cars. Consumers will find alternative ways for transportation such as carpooling, public transportation, walking, bicycling, etc. Even for those who do drive will get deterred from buying SUV's or high gas consuming cars. So with the lower demand for cars, car manufactures have had to change their production strategies. They have reacted by making cars that are gas efficient and more attractive for consumers to drive even with high gas prices."
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