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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 ...

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. How much revenue does the federal government receive from the tax?

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$95.44 billion

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$111.20 billion

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$148.27 billion

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$161.61 billion

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Edition: 1^st

Authors: Hubbard, O'Brien

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