According to a news story, during the summer of 2015, gasoline prices were expected to decline by

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According to a news story, during the summer of 2015, gasoline prices were expected to decline by 32 percent, while "U.S. drivers are expected to consume slightly more gasoline, a 1.6 percent increase, during the summer." Given this information, calculate the price elasticity of demand for gasoline. Is demand price elastic or price inelastic? Briefly explain.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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