The price of gasoline increased from $350 gallon to $360 gallon in a period of one day.
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Question:
The price of gasoline increased from $350 gallon to $360 gallon in a period of one day. Therefore, gasoline consumption decreased from 500,000 to 495,000 gallons per day Calculate the coefficient of elasticity for the demand for gasoline during that period and a particular place. How would you classify the elasticity of demand for gasoline in this example?
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
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