Memorial Day Gas Cheapest in a Decade Gasoline prices are at their lowest in a decade.

The average price in Orangeburg is $2.05 a gallon, 35¢ lower than last year. In a recent AAA survey, 55 percent of Americans said they are more likely to take a road trip this year due to lower gas prices. About 1.5 million Carolinians are expected to drive to their Memorial Day destinations, up 2.1 percent over last year.

a. What are the elasticities of demand implicitly referred to in the news clip?

b. Calculate the price elasticity of demand for road trips using the data in the news clip.