Economics

Running head: ECONOMICS
Economics
Name of the student
Name of the university
Author note

2ECONOMICS
Table of Contents
Answer 1....................................................................................................................................3
Answer 2....................................................................................................................................4
Answer 3....................................................................................................................................5
A.............................................................................................................................................5
B.............................................................................................................................................5
Reference list..............................................................................................................................7

3ECONOMICS
Figure 1Increase in fuel price
Answer 1
Since fuel is made from crude oil, the increase in the price of crude oil leads to
decline in the supply of fuel. As supply of the fuel decreases, the price of the fuel increases.
When the price of crude oil increases, supply will be decreasing which leads to less supply of
fuel as fel s made from crude oil.
P1
S