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In a recent article in USA Today, the price of gasoline rose over the past year from $3.50 to $4.00, ...

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In a recent article in USA Today, the price of gasoline rose over the past year from $3.50 to $4.00, ...

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

Edition: 7^th

Authors: Penson, Rosson, Woodward

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