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please do it correctly will upvote 2.5 points) Currently people are concerned about the recent increase in the price of gasoline. After the price of
please do it correctly will upvote
2.5 points) Currently people are concerned about the recent increase in the price of gasoline. After the price of gasoline rises, consumers will still have to drive to work or drive to school and drive to many other places and the distance they have to drive will not change and in many cases public transport is not an option. What does this tell you about the price elasticity of demand for gasoline (elastic or inelastic)? Please explain. 3. (6 points) If the United States goes into a recession and income of consumers drops, will sellers of normal or inferior goods (or both) benefit from the recession? Do not consider a change in any factor other than income. Please give an explanationStep by Step Solution
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