The short-run price elasticity of demand for gasoline is 0.5, and the long-run price elasticity of demand for gasoline is 1.1. Demand for gasoline is in the short run and in the

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...
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The short-run price elasticity of demand for
gasoline is 0.5, and the long-run price elasticity
of demand for gasoline is 1.1. Demand for
in the short run and
in the
gasoline is
long run.
a. elastic; unitarily elastic.
b. inelastic; unitarily inelastic.
c. elastic; inelastic.
d. inelastic; elastic.
M
Transcribed Image Text:The short-run price elasticity of demand for gasoline is 0.5, and the long-run price elasticity of demand for gasoline is 1.1. Demand for in the short run and in the gasoline is long run. a. elastic; unitarily elastic. b. inelastic; unitarily inelastic. c. elastic; inelastic. d. inelastic; elastic. M
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