Top Posters
Since Sunday
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
r
4
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Izzydhindsa Izzydhindsa
wrote...
Go to Answer
Posts: 457
Rep: 22 0
4 years 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.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
Read 93 times
1 Reply
Replies
Answer verified by a subject expert
Antoinette12Antoinette12
wrote...
#1
Posts: 386
Rep: 53 0
4 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Izzydhindsa Author
wrote...

4 years ago
Correct Slight Smile TY
jmelchor77
wrote...

Yesterday
Good timing, thanks!
Butwhy
wrote...

2 hours ago
Brilliant ツ
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  878 People Browsing
 104 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 117
  
 233
  
 3136