The short-run price elasticity of demand for gasoline is0.5, and the long-run price elasticity of demand forgasoline is 1.1. Demand for gasoline isin the long run.in the shortrun anda. elastic; unitarily elastic.b. inelastic; unitarily inelastic.c. elastic; inelastic.d. inelastic; elastic.

Price elasticity of demand is a device in economics that measures the reaction of amount demanded to…

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 run and in the long run. in the short a. elastic; unitarily elastic. h inelastic: unitarily inelastic

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 run and in the long run. in the short a. elastic; unitarily elastic. h inelastic: unitarily inelastic

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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Question

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 long run.
in the short
run and
a. elastic; unitarily elastic.
b. inelastic; unitarily inelastic.
c. elastic; inelastic.
d. inelastic; elastic.

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