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Izzydhindsa Izzydhindsa
wrote...
Posts: 341
A week ago

Question 1.

In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014?



-0.02



-0.19



-1.01



-2.26



Question 2.

If the demand for a steak is unit elastic, then



the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value).



the percentage change in quantity demanded is 1 percent greater than the percentage change in price.



the percentage change in quantity demanded is equal to the percentage change in price.



quantity demanded does not respond to changes in price.

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Antoinette12Antoinette12
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Posts: 334
A week ago
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Answer 1

-0.19



Answer 2

the percentage change in quantity demanded is equal to the percentage change in price.

1

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