Extra Credit

Assignment 1

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Supply and Demand

Assume that the Oklahoma Turnpike Authority lowered the speed limit on the Turner Turnpike to 60 from the present 75. In addition, assume that the new speed limit will be vigorously enforced by the Oklahoma Highway Patrol. Using a supply and demand graph, make one shift of either the supply or demand curve to illustrate the likely result of this action. Note: Please print out and submit all of your extra credit work when you come in to take the final exam. Any points you earn will be added to your final exam score. Each extra credit opportunity is worth one point.