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Izzydhindsa Izzydhindsa
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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
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Antoinette12Antoinette12
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4 years ago
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Izzydhindsa Author
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4 years ago
Smart ... Thanks!
carston
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Yesterday
Helped a lot
Lawson1981
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2 hours ago
This site is awesome
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