Review Figure 3.4 again. Suppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than at the equilibrium price of $1.40 per gallon? Will the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, of how much?
Ch 1 1. Determine the classification for the size variable. a. Ordinal b. Ratio c. Nominal 2. Determine the classification for the age variable. a. Ratio b. Ordinal c. Nominal 3. Determine the classification for the position variable a. Nominal b. Ratio c. Ordinal Ch 2 1. A survey of 16 real estate agencies collected the number of real estate transactions closed in December 2008. 3 0 0 1 1 2 2 0 0 2 1 0