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If the price elasticity of demand for gasoline equals 0.3, then an increase in the price of a gallon

Loraine

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8 years ago

If the price elasticity of demand for gasoline equals 0.3, then an increase in the price of a gallon

If the price elasticity of demand for gasoline equals 0.3, then an increase in the price of a gallon of gasoline from $3.70 to $3.90
A) decreases total revenue.
B) increases total revenue.
C) leads to no change in total revenue.
D) makes the demand for gasoline elastic.
E) Both answers B and D are correct.

Textbook

Essential Foundations of Economics

Edition: 7^th

Authors: Bade, Parkin

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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.

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Smoooth

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8 years ago

Don't mention it Happy Dummy

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PHaMRoL1952

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PHaMRoL1952

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7 years ago Edited: 7 years ago, PHaMRoL1952

Suppose a good can be produced using common available resources. The elasticity of supply is:
A.   Greater than 1
B.   Greater than zero, but less than 1
C.   Zero
D.   Negative
E.   More information is needed to make a determination about the size of the elasticity of supply

Post Merge: 7 years ago

Question 11
If wheat can be produced at a constant opportunity cost, then the supply of wheat is:
A.   Perfectly inelastic
B.   Elastic
C.   Unit elastic
D.   Inelastic
E.   Perfectly elastic

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