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Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion ...

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Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion ...

Question 1.

What factors would make you more sensitive or less sensitive to price when purchasing gasoline?

Question 2.

Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion gallons per year, the price elasticity of demand for gasoline is -0.06, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon, which increases the price of gasoline by $0.75 per gallon. What is the new equilibrium quantity of gasoline demanded after the tax is imposed?

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109.72 billion gallons per year

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127.25 billion gallons per year

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148.27 billion gallons per year

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161.61 billion gallons per year

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

Read 126 times

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More solutions for this book are available here

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