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Laryssa buys 40 litres of gasoline a week at $1.00 per litre. When the price rose to $1.50 last ...

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Laryssa buys 40 litres of gasoline a week at $1.00 per litre. When the price rose to $1.50 last ...

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

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Microeconomics for Life: Smart Choices for You

Edition: 2^nd

Author: Cohen

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Phydeaux Author

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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Smart ... Thanks!

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