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Question
In September 2012, the average price of gasoline in the United States was $3.91 per gallon and consumers bought 5 percent less gasoline than they had during September 2011, when the average price was $3.66 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from September 2011 to September 2012?A) -0.33
B) -0.76
C) -2.96
D) -6.75
Answer
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Related questions
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Which of the following would be categorized as an opportunity cost?
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b. the cost of purchasing supplies for your house-cleaning business
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A) a only
B) a and c only
C) b and c only
D) all of the above