3. Suppose the own price elasticity of market demand for retail gasoline is 0.9, the Rothschild index
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3. Suppose the own price elasticity of market demand for retail gasoline is 0.9, the Rothschild index is 0.6, and a typical gasoline retailer enjoys sales of
$1.2 million annually. What is the price elasticity of demand for a representative gasoline retailer’s product?
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