When the price of gasoline rises by 3 % the quantity demanded falls by 0.12 % . Calculate the price elasticity of demand and show whether demand on gasoline is elastic or inelastic .
When the price of gasoline rises by 3 % the quantity demanded falls by 0.12 % . Calculate the price elasticity of demand and show whether demand on gasoline is elastic or inelastic .
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...
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