Ask a Question
  
  
  
Top Posters
Since Sunday
13
12
11
10
10
10
10
10
10
10
9
9
New Topic  
wrote...
Posts: 70
2 days 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 5 times
2 Replies
Replies
Answer verified by a subject expert
wrote...
Posts: 53
2 days 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 days 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
  56 People Browsing
 104 Signed Up Today
Related Images
 736
 439
 99