QUESTION 1 Ceteris paribus, assume a global shortage of petrol has resulted in a doubling of petrol

| December 6, 2018

QUESTION 1

Ceteris paribus, assume a global shortage of petrol has resulted in a doubling of petrol

prices. Use graphical demand and supply analysis to support your explanation of the impact

on equilibrium price and quantity in the market for:

a) High fuel efficient petrol cars.

b) Cars that use liquid gas (a substitute for petrol), where the price has not increased.

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