How many gallons of gas will be sold at higher price, Microeconomics

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How many gallons of gas will be sold at higher price

At the local gas station, the price elasticity of demand for gasoline is 0.4 at the current price of $3.50 per gallon and the current quantity demand of 6,000 gallons. The gas station is about to increase the price to $3.85 per gallon. How many gallons of gas will be sold at this higher price?

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Microeconomics: How many gallons of gas will be sold at higher price

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many gallons of gas will be sold at higher price

Reference No:- TGS042181

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Graph linear ppf for rice-toaster ovens for south korea-us

Q : Which is lobo''s federal income tax for the year

Q : Annual var for the portfolio

Q : Investing in the global economy

Q : How many gallons of gas will be sold at higher price

Q : Monthly discretionary cash flow

Q : Influence on transfer pricing decisions

Q : In which direction will the aggregate demand curve shift

Q : Journal entries for common stock issued above par value

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many gallons of gas will be sold at higher price

Reference No:- TGS042181

Recent Questions Asked Microeconomics

Q : Graph linear ppf for rice-toaster ovens for south korea-us

Q : Which is lobo''s federal income tax for the year

Q : Annual var for the portfolio

Q : Investing in the global economy

Q : How many gallons of gas will be sold at higher price

Q : Monthly discretionary cash flow

Q : Influence on transfer pricing decisions

Q : In which direction will the aggregate demand curve shift

Q : Journal entries for common stock issued above par value

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