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Heating Commodities
Beginning of essay
Back in the middle of October, the price of natural-gas had risen
because a gas company was forced to shut down a pipeline due to the need for
repairs. This impending shortage led to the decrease in prices for other
heating commodities, as well as larger profits. The demand for energy was
becom ....
Middle of essay
....ble supply, it leads to an
increase in price.
As shown in the graph below, as the supply decreases, the price
increases. This means that the price is inelastic. This is true because as the
price of the commodity is increased, the total amount spent on the commodity
will increase also.
The price mechanism reflects scarcity, which is stated as the greater
demand for a good, energy, (because of the desire to store it for the colder
months ahead) with the same supply of that good becoming scarce.... |
| Number of words: 543 |
Approximate pages: 2 |
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