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miks miks
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5 years 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.
Textbook 
Introduction to Agricultural Economics

Introduction to Agricultural Economics


Edition: 7th
Authors:
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NashuaNashua
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5 years ago
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miks Author
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#2
5 years ago
Thanks
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