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Phydeaux Phydeaux
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3 years ago
Laryssa buys 40 litres of gasoline a week at $1.00 per litre. When the price rose to $1.50 last summer, she bought only 30 litres a week. Because this 50% increase in price caused a 25% reduction in quantity demanded, Laryssa's demand is ________ and her total expenditure (P × Q) last summer ________.
A) elastic; was higher
B) elastic; stayed the same
C) inelastic; was lower
D) inelastic; was higher
E) elastic; was lower
Textbook 

Microeconomics for Life: Smart Choices for You


Edition: 2nd
Author:
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martrekmartrek
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