If the price elasticity of demand for gasoline is 0.20, how big a percent price increase will be required to reduce the consumption of gasoline by 10%? Blank 1%. Do NOT enter the '%' sign in your response. Round your answer to TWO-decimal places; you MUST enter the decimal value even if it is a '0' - ie: 25.00 NOT 25).

If the price elasticity of demand for gasoline is 0.20, how big a percent price increase will be required to reduce the consumption of gasoline by 10%? Blank 1%. Do NOT enter the '%' sign in your response. Round your answer to TWO-decimal places; you MUST enter the decimal value even if it is a '0' - ie: 25.00 NOT 25).

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...

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