2007-11-15 04:56:07 · 7 answers · asked by leggs 1 in Social Science ➔ Economics
A study on the price of gasoline is a micoreconomics study, since microeconomics is concerned with the prices of individual goods. At the same time, however, because energy prices play such an important role in macroeconomic performance, the price of gasoline could be a variable of interest in a macroeconomic study.
2007-11-15 05:59:40 · answer #1 · answered by helper 7 · 1⤊ 0⤋
You have asked a simple Q that is hard to answer to everyone's satisfaction.
Calculating the price of on-spec retail gasoline at the pump(point of sale) made from crude oil is microeconomics. The cost of gasoline in relation to the marginal utility of the item and the share of disposable income in relation to a consumer basket of goods and services, the CPI OR GDP FOR EXAMPLE, and other similar economic matters, is macroeconomics.
So the final answer is both depending on what is the real Q. I prefer more narrowly scoped Q's, but have tried to put your Q in a meaningful context. I have knowledge in both areas.
offtopic side note: energy matters involving crude oil and products made from crude oil like gasoline is a geopolitical, global, socio-economics issue too. Price is set or fixed by an oil cartel called OPEC, which violates US Antitrust laws and free trade principles. Point of this fact is that politics over-rides the determination of price by Supply-Demand based economics.
2007-11-15 13:12:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The price of gasoline is macro, that is to say the world depends on gasoline. The worlds elite use many products to control spending power and to limit peoples choices made with money. The state of the world is chaos, impoverishing, warring, and profiteering...All because we use their money instead of changing the paradigm by insuring each others well being instead of prejudicing each others value per effort.
2007-11-15 13:25:02 · answer #3 · answered by tevin 1 · 0⤊ 0⤋
Both.
The price you and I pay at the pump is micro, because it's individual purchases of small quantities. the overall pricing, and the price per barrel, is macro. Because that is huge amounts of bulk and is bought and sold by nations or corporations, not individuals.
2007-11-15 13:00:12 · answer #4 · answered by juicy_wishun 6 · 0⤊ 0⤋
i would say macro it has an effect on they whole world and different aspenct of the economy,.
2007-11-15 12:59:49 · answer #5 · answered by RENEE915 4 · 0⤊ 0⤋
in the US micro
look at the price of gas in europian countries theyll make you head spin!
2007-11-15 12:59:37 · answer #6 · answered by ikegirl 3 · 0⤊ 0⤋
Its Bush.
2007-11-15 12:58:28 · answer #7 · answered by Neil 7 · 0⤊ 2⤋