Title: Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion ... Post by: tlc_71111 on Oct 9, 2019 Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion gallons per year, the price elasticity of demand for gasoline is -0.06, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon, which increases the price of gasoline by $0.75 per gallon. How much revenue does the federal government receive from the tax? ▸ $95.44 billion ▸ $111.20 billion ▸ $148.27 billion ▸ $161.61 billion Title: Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion ... Post by: mnp2357 on Oct 9, 2019 Content hidden
|