Considering the following data from the gas station for the last week of November: Nov 2018 Price per gallon: $2.79 Gallons sold: 12,500 Nov 2019 Price per gallon: $2.24 Gallons sold: 14,250

Explain how you would calculate the price of elasticity of demand for gasoline.

Explain how consumer and producer surplus will change as a result of this price change.

Explain the elasticity of supply for gasoline. (If prices go up, how quickly would the supply of gasoline increase).

Discuss whether you feel the demand for gasoline is elastic, inelastic, perfectly elastic, or unit elastic.