1 In 2014, about 136 78 billion gallons (or 3 26 billion barrels) of gasoline were consumedin the United States, a daily average of about 374 74 million gallons (or 8 92 million barrels) This was about 4 less than the record high of about 142 35 billion gallons (or 3 39 billion barrels) consumed in 2007 In 2007 the price per gallon of gasoline was approximately $ 2 per gallon and in 2014 the price was approximately $2 60 per gallon What is the price elasticity of demand for gasoline in America What will be the effect of a five percent increase in price on equilibrium quantity and total revenue of coffee if the price elasticity of demand is 3 0 (2) if the price elasticity of demand is 0 5 (2)

Question

1 In 2014, about 136 78 billion gallons (or 3 26 billion barrels) of gasoline were consumedin the United States, a daily average of about 374 74 million gallons (or 8 92 million barrels) This was about 4  less than the record high of about 142 35 billion gallons (or 3 39 billion barrels) consumed in 2007  In 2007 the price per gallon of gasoline was approximately $ 2 per gallon and in 2014 the price was approximately $2 60 per gallon What is the price elasticity of demand for gasoline in America  What will be the effect of a five percent increase in price on equilibrium quantity and total revenue of coffee       if the price elasticity of demand is 3 0  (2)     if the price elasticity of demand is 0 5  (2)

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1.In 2014, about 136.78 billion gallons (or 3.26 billion barrels) of gasoline were consumedin the United States, a daily average of about 374.74 million gallons

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