What was the price elasticity of demand for gasoline, Microeconomics

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What was the price elasticity of demand for gasoline

In May 2011, the average price of gasoline in the United States was $3.76 per gallon and consumers bought 5 percent less gasoline than they had during May 2010, when the average price was $2.79 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from May 2010 to May 2011?

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Microeconomics: What was the price elasticity of demand for gasoline

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Microeconomics: What was the price elasticity of demand for gasoline

Reference No:- TGS042074

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Behavioral finance concept

Q : Company receive at the time lease expires

Q : Calculate real gdp in each year using chain-weighting method

Q : Problem in our natural world

Q : What was the price elasticity of demand for gasoline

Q : Payback period using the accumulation method

Q : How much electrical cost would be charged to the job

Q : Prepare an analysis showing the total cost saving

Q : What is the cost of goods sold

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What was the price elasticity of demand for gasoline

Reference No:- TGS042074

Recent Questions Asked Microeconomics

Q : Behavioral finance concept

Q : Company receive at the time lease expires

Q : Calculate real gdp in each year using chain-weighting method

Q : Problem in our natural world

Q : What was the price elasticity of demand for gasoline

Q : Payback period using the accumulation method

Q : How much electrical cost would be charged to the job

Q : Prepare an analysis showing the total cost saving

Q : What is the cost of goods sold

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