Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

Hurricane Sandy: Supply, Demand and Appropriate Responses to the Gas Shortage https://hbsp.harvard.edu/import/1170966 Tasks: Buy this case and perform the following tasks: 1. Read the case carefu

Hurricane Sandy: Supply, Demand and Appropriate Responses to the Gas Shortage

https://hbsp.harvard.edu/import/1170966

Tasks: Buy this case and perform the following tasks:

1.      Read the case carefully and determine the issue.

2.      With the help of appropriate demand and supply graphs, show that was it a demand issue or supply issue or both? What would have happened to equilibrium price and quantity?

3.      How supplier responded to demand? Why did some people think that price gouging was happening? Do you agree with this statement?

4.      What the government did, and do you think it was an appropriate response?

5.      What are the future lessons for people and government to deal with these types of supply/demand issues?

Task 2

Estimation of Energy Demand Function

Use the dataset “assignment-data” available on LMS. It has a data by year on US gasoline consumption

(G), gasoline prices (PG), per-capita income (Y), price of new cars (PNC), price of used cars (PUC), and population (POP). By using the data, perform the following tasks:

       i.          Calculate gasoline per capita consumption (GPC) and draw a line graph and interpret the trend.

This Assignment has been solved!  Contact me to get the sample for free or order a new one free from plagiarism and AI. My email is:     study9help @gmail .com      

This Assignment has been solved!  Contact me to get the sample for free or order a new one free from plagiarism and AI. My email is:     study9help @gmail .com                        

This Assignment has been solved!  Contact me to get the sample for free or order a new one free from plagiarism and AI. My email is:     study9help @gmail .com                        

I am a proficient essay writer with tremendous experience of over 10 years. During this time, I had the opportunity to tutor various clients with their assignments. The tutoring profession allows me to learn beyond my talents and skills to serve those in need. I offer the best tutoring services by exceeding customer expectations. When a customer consults me for education services, I usually check the instructions to acquaint myself with the work’s requirements and ensure that I can assist sufficiently. I only coach when I know I have the expertise. My experience allows me to tutor at various academic levels, including doctoral, masters, bachelors, and high school levels.           My email is:     study9help @gmail .com                        

This problem has been solved!

Economic theory suggest the following, in relation to a demand function for the gasoline:

GPC = f(PG, Y, PNC, PUC)

With a regression model in log form as follows:

log GPC = logA + B1 log PG + B2 log Y + B3 log PNC + B4 log PUC

(1)

     ii.          Determine the signs of regression coefficients using economic theory and provide reasoning

    iii.          Run a simple regression model (by using equation 1 above) and interpret regression coefficients and elasticities and provide reasoning for each coefficient. Are the regression coefficients similar to the economic theory? If not, what could be the reason? Consult some academic literature.

 [* marks]

    iv.          Now create previous year gasoline consumption (LPrevGPC) variable as an independent variable and re-run regression model (equation 2) as follows:

log GPC = logA+B1 log PG+B2 log Y +B3 log PNC+B4 log PUC+B5 log PrevGPC,

(2)

Where the expression B1/(1 − B5) is in fact long run elasticity of demand. Calculate this long run elasticity of demand and interpret the number by comparing it with short run price elasticity. What conclusion would you draw from these estimates?

[* marks]

      v.          What sort of recommendations you would make as an analyst to an energy firm operating in the USA in relation to the pricing and disposable income in particular. 

 [* marks]

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

MBA 645 M Guidelines and RubricOverview In Milestone One, you analyzed the brand implications of reopening the park, and you have delivered the analysis report in the form of a presentation. In your r

MBA 645 M Guidelines and RubricOverview In Milestone One, you analyzed the brand implications of reopening the park, and you have delivered the analysis report in the form of a presentation. In your role as regional marketing director of one of the theme parks in the southeastern United States, you

MBA 687 Guidelines and RubricScenario Congratulations! As an HR consultant hired to resolve issues of communication and employee disengagement at the U.S. branch of the Singaporean software solutions

MBA 687  Guidelines and RubricScenario Congratulations! As an HR consultant hired to resolve issues of communication and employee disengagement at the U.S. branch of the Singaporean software solutions organization, you impressed the leadership team. You submitted a change readiness report as Milestone One and highlighted the importance of stakeholders and

MBA 687 Guidelines and RubricScenario Congratulations! As an HR consultant hired to resolve issues of communication and employee disengagement at the U.S. branch of the Singaporean software solutions

MBA 687  Guidelines and RubricScenario Congratulations! As an HR consultant hired to resolve issues of communication and employee disengagement at the U.S. branch of the Singaporean software solutions organization, you impressed the leadership team. You submitted a change readiness report as Milestone One and highlighted the importance of stakeholders and

Assignment Instructions Trade Theory Analysis – South Korea and Germany You are working as a trade economist tasked with analyzing South Korea’s trade patterns through the lens of major international

Assignment Instructions Trade Theory Analysis – South Korea and Germany You are working as a trade economist tasked with analyzing South Korea’s trade patterns through the lens of major international trade theories. Your goal is to assess how well the theories of Comparative Advantage, Heckscher-Ohlin, and New Trade Theory explain

After reviewing my thesis paper, it has been identified that over 70% of the content appears to be AI-generated. While the format, structure, and references are appropriate, the work must reflect orig

After reviewing my thesis paper, it has been identified that over 70% of the content appears to be AI-generated. While the format, structure, and references are appropriate, the work must reflect original writing and analysis. Please revise the paper so that AI-generated content is reduced to below 10%. In doing

Discussion Assume you are leading a team composed of representatives from British, Mexican, Brazilian, and Egyptian subsidiaries of your firm. The team must make a number of major decisions. What

Discussion  Assume you are leading a team composed of representatives from British, Mexican, Brazilian, and Egyptian subsidiaries of your firm. The team must make a number of major decisions.  What guidelines might you develop for yourself for leading the team through its decision-making process? What steps might you take to

Discuss the following: How does economic integration among countries impact foreign exchange markets? In what ways can regional economic agreements, such as free trade zones or currency unions, inf

Discuss the following:   How does economic integration among countries impact foreign exchange markets? In what ways can regional economic agreements, such as free trade zones or currency unions, influence exchange rate stability and volatility? What are the potential benefits and challenges for businesses operating in economically integrated regions with fluctuating

DISCUSSION Discuss the ethical considerations involved in Foreign Direct Investment (FDI) in developing countries. How can multinational companies ensure their investments are socially responsible? Wh

DISCUSSION Discuss the ethical considerations involved in Foreign Direct Investment (FDI) in developing countries. How can multinational companies ensure their investments are socially responsible? What role do host-country governments play in setting ethical standards for FDI, and how might cultural differences influence ethical expectations? To earn full credit, post an

Touchstone 4: Organization Analysis & Strategic Recommendations SCENARIO: Select an organization you are familiar with or have worked for (currently or in the past). You are tasked with analyzing

Touchstone 4: Organization Analysis & Strategic Recommendations SCENARIO: Select an organization you are familiar with or have worked for (currently or in the past). You are tasked with analyzing the organization both internally and externally using some of the tools and frameworks you have learned in this course. You are

Discussion “Trade between individuals, tribes, and then nations has occurred for thousands of years. Throughout the centuries, the desire to control trade and trade routes has often been the cause of

Discussion “Trade between individuals, tribes, and then nations has occurred for thousands of years. Throughout the centuries, the desire to control trade and trade routes has often been the cause of conflict between countries.”  Do you agree with this statement? Why or why not? To earn full credit, post an initial

MBA 645 Module Five Presentation Guidelines and RubricOverview Marketing in the digital age is very dynamic; it is necessary to monitor multiple digital channels and platforms to engage with your targ

MBA 645 Module Five Presentation Guidelines and RubricOverview Marketing in the digital age is very dynamic; it is necessary to monitor multiple digital channels and platforms to engage with your target audience without missing any opportunity. Digital channels and platforms are measurable and allow for monitoring performance of your marketing

MBA 687 Module Five Presentation Guidelines and RubricOverview You are an HR consultant, hired to resolve issues stemming from communication and coordination challenges between employees of the U.S. b

MBA 687 Module Five Presentation Guidelines and RubricOverview You are an HR consultant, hired to resolve issues stemming from communication and coordination challenges between employees of the U.S. branch and the Singaporean headquarters of a software solutions provider. You decide to recommend organization-wide changes to resolve the issues related to

MBA 687 Module Five Report Guidelines and RubricOverview The leadership of the Singaporean-headquartered software solutions organization is concerned about issues arising from communication and coordi

MBA 687 Module Five Report Guidelines and RubricOverview The leadership of the Singaporean-headquartered software solutions organization is concerned about issues arising from communication and coordination challenges between employees at the U.S. branch and the Singaporean headquarters. The VP of the U.S. branch tasks you, as an HR consultant, with developing

HIM 500 Guidelines and RubricOverview You will submit an analysis of how the company in the case study is noncompliant and the strategies (general, not specifics) to move it toward compliance. Speci

HIM 500  Guidelines and RubricOverview  You will submit an analysis of how the company in the case study is noncompliant and the strategies (general, not specifics) to move it toward compliance. Specifically the following critical elements must be addressed: Health Regulations and Laws Ramifications: In this section of your final

Home county USA Japan is chosen country 2 pages Describe at least two management positions that will require training for in-country positions. The description must include the identification of cultu

Home county USA Japan is chosen country 2 pages Describe at least two management positions that will require training for in-country positions. The description must include the identification of cultural, linguistics and specialized skills needed for the positions. Culturally, describe differences, such as management styles between the workforce in the

Reflect on what you have learned in this unit and explain various paths for repatriating employees of a corporation to the United States, and focus on how to best use the talents and experience gained

Reflect on what you have learned in this unit and explain various paths for repatriating employees of a corporation to the United States, and focus on how to best use the talents and experience gained by the employees during their posting overseas. Be sure to address the differences between retirees,

MBA 687 Module Four Presentation Guidelines and RubricOverview In Milestone One, as an HR consultant, you submitted a change readiness report. While you were performing your change readiness assessmen

MBA 687 Module Four Presentation Guidelines and RubricOverview In Milestone One, as an HR consultant, you submitted a change readiness report. While you were performing your change readiness assessment, five employees from the U.S. call center quit as a group, along with the well-liked team lead. Top management is very