Question
Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline supplied in the United States is 10 million barrels
Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline supplied in the United States is 10 million barrels per day. Also suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline supplied is 8 million barrels per day. Based on these numbers and using the simple formula, the percentage change in quantity supplied is:
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
