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At the beginning of this year, daily consumption of gasoline in the US amounted to 344milliongallons. It is estimated that for every10% increase in the
At the beginning of this year, daily consumption of gasoline in the US amounted to 344milliongallons. It is estimated that for every10%
increase in the price of gasoline, quantity demanded falls by 1.9%. By the end of this year, the price of gasoline is expected to increase by 40cents from $2.90 pergallon.
Based on this information, what is the expected quantity demanded (QD) for gasoline at the end of this year? Please specify your answer to one decimalplace.
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