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
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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International Economics Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
9th Edition
978-0132146654, 0132146657, 9780273754091, 978-0273754206
