Solved: Price elasticity of demand of a gasoline retailer product, Microeconomics

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Price elasticity of demand of a gasoline retailer product

Question:

Suppose the own price elasticity of market demand for retail gasoline is -0.9 and Rothschild Index is 0.6 and a typical gasoline retailer enjoys sales of $1.2 Million annually. What is the price elasticity of demand of a representative gasoline retailer's product?

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Microeconomics: Price elasticity of demand of a gasoline retailer product

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Microeconomics: Price elasticity of demand of a gasoline retailer product

Reference No:- TGS02090829

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