Humanities Homework Help
ECO 201 Nova Southeastern University Principles of Macroeconomics Discussion
The Purpose of the discussion board is to recognize the potential impacts and viable solutions to ransomware attacks.
Background: Colonial Pipeline is a major oil pipeline system that transports refined oil (gasoline, diesel and jet fuel) from the US Gulf Coast to states mainly on the East Coast of the country. On May 7, 2021, Colonial Pipeline suffered a ransomware cyberattack that disrupted the distribution of refined oil products causing a massive shortage of oil to its East Coast markets.
Assume that around the time of the ransomware cyberattack, a rebound of the US economy had caused a significant increase in the desire to use refined oil products, such as gasoline and jet fuel in the East Coast markets.
Template: Use the template below to answer the questions: Include 8 economic terms from any chapter studied so far this semester. Underline the terms and use bold font or no points will be given. Use one quote from an outside source to support your statements. Include TWO Cross posts and be sure to add a fact or quote with citations to expand the discussion.
Questions:
Section 1 Analysis with Graph: In one or two paragraphs, provide a brief analysis of the impact of these two events on the demand and supply of refined oil products in the East Coast markets of the US. Your analysis should include a graph** showing how supply and/or demand changed. All curves and axis should be correctly labeled.
** How to upload the graph to the discussion board. Create the graph yourself, by hand, and take a picture of it with your phone, save it to your laptop or tablet. In the discussion board toolbar, click the ‘picture’ icon, click ‘upload image’ and upload the picture you took of your graph. If you want to create the graph directly on your laptop or tablet, that’s fine too, just save the graph and upload the same way.
Section 2: Change in Equilibrium Price and Quantity IF these two events persisted for several weeks:
is the Equilibrium Price of refined oil products likely to remain the same, increase or decrease? Explain.
is the Equilibrium Quantity of refined oil products likely to remain the same, increase or decrease? Explain.
Section 3: Policy Option: Describe and analyze one policy option available to the Government if the distribution of refined oil products remains constrained beyond several weeks.
Section 4: Two cross posts with a citation for the fact or quote you added to expand the discussion.
