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Title: If the demand for a steak is unit elastic, then Post by: Izzydhindsa on Oct 9, 2019 Question 1. In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014? ▸ -0.02 ▸ -0.19 ▸ -1.01 ▸ -2.26 Question 2. If the demand for a steak is unit elastic, then ▸ the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value). ▸ the percentage change in quantity demanded is 1 percent greater than the percentage change in price. ▸ the percentage change in quantity demanded is equal to the percentage change in price. ▸ quantity demanded does not respond to changes in price. Title: If the demand for a steak is unit elastic, then Post by: Antoinette12 on Oct 9, 2019 Content hidden
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