Top Posters
Since Sunday
57
52
27
18
16
16
15
14
14
14
14
13
New Topic  
wrote...
Posts: 160
2 months ago

In a recent article in USA Today, the price of gasoline rose over the past year from $3.50 to $4.00, a price hike of about 14.29 percent. Gasoline consumption over the past year declined by 10 percent. So, on the basis of this article, we can conclude that



• The own-price elasticity for gasoline is -1.

• The own-price elasticity for gasoline is nearly -0.70

• The own-price elasticity for gasoline is roughly -1.43.

• Can't tell; insufficient information.
Source  Download
Introduction to Agricultural Economics
Edition: 7th
Authors:
Read 21 times
2 Replies
Replies
Answer verified by a subject expert
wrote...
Posts: 161
2 months ago
Sign in or Sign up in seconds to unlock everything.
The own-price elasticity for gasoline is nearly -0.70
1
Related Topics
wrote...
2 months ago
Thanks
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  334 People Browsing
Your Opinion
Where do you get your textbooks?
Votes: 97

Related Images
 1101
 122
 134

▶️ Video: Burn Animation

For a complete list of videos, visit our video library