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Ge Project

In: Computers and Technology

Submitted By ptyler112
Words 335
Pages 2
Project Part 4
11/13/2012
“Consumers Change Their Behavior in Response to the Gas Prices” The article starts by talking about how higher gas prices and higher tolls ultimately did what Mayor Bloomberg’s ambitious congestion pricing was supposed to do. When gas prices climbed to more than 4 dollars per gallon, traffic on bridges and tunnels dropped 4.7 percent compared with the previous years. While at the same time, subway, bus and commuter train riders increased by 6.5 percent. From Manhattan to New Jersey there was a 9 percent increase of people taking the train. That goes to show you that pricing does matter and people do respond to it. And do to the higher gas prices and people driving less tolls took a major hit 4 million below budget. The fact that the price elasticity of demand for a product such as gas will be larger the longer the period of time involved. It takes buyers time to adjust their routines as a result of a change in price. Consumers began to explore alternatives to driving when gas rose over 4 dollars a gallon. So if high gas prices persist consumers will make adjustments, such as driving less and taking public transportation more. Those demand for gasoline will become the more elastic. There for demand becomes more elastic other longer period of time and the quantity of gas demanded will decline further.
Thinking Critically 1. I don’t 100% agree with Joe, yes sure initially you’ll make up the loss in quantity sold with the higher price. But if prices continue to rise less and less people will buy gas. There for in the long run you will actually lose money not make money. 2. Conventional Service stations will be force either to change their prices to meet the demand to stay competitive or be forced to close up shop. Just like all the mom and pop shops in small towns when a wal mart gets built because they can’t

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