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sinerus sinerus
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7 years ago
Recall the Application. Suppose the price elasticity of demand for gasoline is 0.20 and the price elasticity of supply for gasoline is 0.55. If supply decreases by 50%, the equilibrium price will increase by
A) 67%.
B) 70%.
C) 143%.
D) 150%.
Textbook 
Survey of Economics: Principles, Applications and Tools

Survey of Economics: Principles, Applications and Tools


Edition: 6th
Authors:
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trumpetsoflifetrumpetsoflife
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#2
7 years ago
Recall the Application. Suppose the price elasticity of demand for gasoline is 0.20 and the price elasticity of supply for gasoline is 0.55. If supply increases by 20%, the equilibrium price will decrease by
A) 27%.
B) 57%.
C) 175%.
D) 375%.
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#3
7 years ago
A
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