How have you responded to increases in the price of gasoline
over the past few years? How would you respond if the price of gasoline doubled
over the next two years?
What alternatives do you have for buying gasoline? Could you change to zero
consumption of gasoline in the short run? In the long run?
In the short run, when the price of gasoline increases, what happens to the
income you have to spend on other goods?
Try to use concepts seen in this unit such as budget constraint, income and
substitution effects, etc. in your answer.
Need a response for
Darren
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Darren
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4/23/2014 4:11:14 PM
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In the last few years I have
driven less due to the gas price increase and I know my friends and I will
car pool more now than when we were younger. I also now walk more to places
in my area when I can and I try and do anything I can to cut back. I will say
as of now I couldn't be at a zero consumption of gasoline, but I have
already started to look into alternative energy at my house and I hope
within the next 3-4 years I can look at either a hybrid car or a Tesla car
which is all electric. I have looked into this already and the only reason
I haven't made the commitment yet is because with an all electrical car it
is still limited in my area for use. With higher gas prices people start to
see what they can do without and will cut back even if it is some of our
guilty pleasures like expensive coffees or just going out to dinner. I know
I manage my money and give myself an allowance for be to make purchases
that aren't necessary, but the higher gas prices go the less of that I will
allow myself to have.
Need
a response for Branden
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Branden
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4/23/2014 10:56:55 AM
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Professor and class
I found this to be a very interesting topic. I think this is something that
touches many people since it is something we really cannot live without and
we need daily. I have been deeply angered by the price of gas since they
continue to raise prices and say they have to have the prices they have but
at the end of each quarter and year they record record profits. It does not
make much sense to me while people like me and you are struggling they can
make record profits. There really aren't much for alternatives for fuel but
one thing I can think of would be public transportation which I have
thought about using. Budgeting this is hard as well since you really don't
know how much gas will be tomorrow either. When prices go up I find myself
taking from "spending money" accounts to make up the difference.
I guess one thing one could do to better the fuel situation would be to
either buy a smart car or Prius or something like that or possibly even
diesel car. My daughters god father has a Volkswagen Jetta TDI and it gets
47 miles per gallon so I think this would help alot. Thankd for reading.
Branden
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