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stephanieliu stephanieliu
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8 years ago
In September 2012, the average price of gasoline in the United States was $3.91 per gallon, and consumers purchased nearly 5 percent less gasoline than they had during September 2011, when the average price of gasoline was $3.66 per gallon. Based on these figures, from September 2011 to September 2012, the demand for gasoline was
A. perfectly elastic
B. elastic
C. inelastic
D. unit elastic
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wrote...
8 years ago
The formula for Price Elasticity of Demand is

% change in Q
-------------------------
% change in P
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