Salvo and Huse (2012) found that roughly one-fifth of flexible-fuel (cars that can run on a mix
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Salvo and Huse (2012) found that roughly one-fifth of flexible-fuel (cars that can run on a mix of ethanol and gasoline) car owners choose gasoline when the price of gas is 20% above that of ethanol (in energyadjusted terms) and, similarly, one-fifth of motorists choose ethanol when ethanol is 20% more expensive than gasoline. What can you say about these people’s tastes? Do they view ethanol and gasoline as perfect substitutes?
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If gasoline and ethanol were perfect substitutes such that 1 gallon of ...View the full answer
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Related Book For 
Microeconomics Theory And Applications With Calculus
ISBN: 978-0134167381
4th Edition
Authors: Jeffrey M. Perloff
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