Analyze gasoline price hike statistics in the following scenario. In June 2008, the U. S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline. In a two-page paper, address the following. a. Calculate the price elasticity of demand for gasoline.
b. Calculate the elasticity of supply using the information provided.
c. Calculate the changes in consumer and producer surplus.
d. Because there is no viable substitute for gasoline at this time, what can you say about the cross-elasticity and income elasticity of supply and e) demand for gasoline? Explain your answer and demonstrate clear, insightful critical thinking.
f. Is the demand for gasoline elastic, inelastic, perfectly elastic or inelastic, or unit elastic?

Tom and carol are resident aliens, married, and want to file a joint return. they have two children. sydney is 5 years old and a resident alien. benjamin is 2 years old and a u.s. citizen. both children lived with the parents in the united states all year. tom, carol, and sydney have individual taxpayer identification numbers (itins). benjamin has a social security number. tom earned $30,000 in wages. carol had $8,000 in wage income. they had no other income. tom and carol provided all the support for sydney and benjamin. sydney and benjamin attended daycare while tom and carol were at work. tom and carol did not receive dependent care benefits from a dependent care benefits plan or flexible spending account. the daycare center provided the baker's with a statement indicating the amount of $3,250 paid for 2018, their name, address and valid employer identification number. 6. who can tom and carol claim as a qualifying child for the child tax credit? a. sydney b. benjamin c. both sydney and benjamin d. neither sydney or benjamin