Question
9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the Texas consumption of gasoline that month was 40.555 million
9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the Texas consumption of gasoline that month was 40.555 million gallons. The average price of gasoline in Texas was about $2.354/gallon last month (January 2019). The elasticity of Texas gasoline demand is -0.22. By how much did gasoline consumption in Texas change between January 2018 and last month? What was Texas gas consumption last month? ANSWER:
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Statistics For Business And Economics
Authors: James T. McClave, P. George Benson, Terry Sincich
13th Edition
134506596, 978-0134506593
