2. Answer the following questions according to the news "SIMS: Vancouver gas hits $2 per litre and taxes are a big facto

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2 Answer The Following Questions According To The News Sims Vancouver Gas Hits 2 Per Litre And Taxes Are A Big Facto 1 (67.08 KiB) Viewed 45 times

2. Answer the following questions according to the news "SIMS: Vancouver gas hits $2 per litre and taxes are a big factor" Toronto Sun news, by Kris Sims, 06, March 2022. https://torontosun.com/opinion/columnis ... xes-are-a- big-factor 1) List the events that change the demand and/or supply of the gasoline market. Apply the four-step procedure to analyze how these events change the equilibrium gasoline price and quantity. Please show your answers graphically. (4 points) Graph: Explanation: 2) Below is the budget constraint households faces between purchasing gasoline and everything else. The point labelled M represents the original preferred point. Show households' new budget constraint and new preferred point after the price change of gasoline you found in part 1). Explain briefly (4 points) Everything else M