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Two drivers, Walt and Jessie, each drive up to a gas station. Before looking at the price, each places an order. Walt says, “I’d like 10 gallons of gas.” Jessie says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
Principles of Macroeconomics (Mind...
Solutions
Principles of Macroeconomics (Mind...
Two drivers, Walt and Jessie, each drive up to a gas station. Before looking at the price, each places an order. Walt says, “I’d like 10 gallons of gas.” Jessie says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
Explanation of Solution
For Walt, there is no change in the quantity demanded even if there is a change in the price. So for Walt, the price elasticity of demand is zero...
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