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Title: In September 2012, the average price of gasoline in the United States was $3.91 Post by: stephanieliu on Apr 25, 2016 In September 2012, the average price of gasoline in the United States was $3.91 per gallon, and consumers purchased nearly 5 percent less gasoline than they had during September 2011, when the average price of gasoline was $3.66 per gallon. Based on these figures, from September 2011 to September 2012, the demand for gasoline was
A. perfectly elastic B. elastic C. inelastic D. unit elastic Title: Re: In September 2012, the average price of gasoline in the United States was $3.91 Post by: taige on Apr 27, 2016 The formula for Price Elasticity of Demand is
% change in Q ------------------------- % change in P |