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You operate a delivery service in your local area , but you are thinking of expanding to another market . You ' re concerned that you might need to set different prices in the new market because the cost of gas might be much different .
Identify 10 gas stations in your local area .
Record the price per gallon for each gas station .
Research supply and demand curves for gasoline .
Create an Excel ® spreadsheet in which you do the following :
● Create a supply curve for gasoline .
● Create a demand curve for gasoline .
● Calculate the average cost of gas in your local area .
● Calculate the standard deviation .
Determine whether the prices in your local area are higher or lower than the national average .
Create a 700-word proposal in which you include the following :
● Explain elasticity of supply and demand and how this relates to your pricing decision .
● Determine if your prices will be higher , lower , or the same for the new location .
● Defend the pricing decision including all supporting documentation .
Cite a minimum of two scholarly references not including your text .
Click the Assignment Files tab to submit your assignment .