Suppose the US demand curve for gasoline shifts rightward, and the U. S. supply curve for gasoline remains unchanged. As a result, the price of gasoline increases by 9 percent, and the equilibrium quantity increases by 3 percent. Which of the following statements is true based on this information? Show Work
A) The price elasticity of demand for gasoline is roughly 0.33.
B) The price elasticity of demand for gasoline is roughly - 3.
C) The price elasticity of supply for gasoline is roughly 0.33.
D) The price elasticity of supply for gasoline is roughly 3.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose the US demand curve for gasoline shifts rightward, and the U. S. supply curve for gasoline remains unchanged. As a result, the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which is the following one of the first things you should do when preparing to present yourself to an employee
Answers (1)
When agricultural machines were introduced, a number of industries benefited from them. At the same time, a number of farmers and small organizations that relied on manual labor and traditional methods of agriculture lost their business.
Answers (1)
Which of the following are possible electrocution hazards?
Answers (1)
Tangible long-lived productive assets differ from intangible long-lived productive assets in that tangible assets have physical substance whereas intangible assets have nophysical substance. 1. True2. False
Answers (1)
When you are torn between letting a product of marginal quality go to the customer because if you don't you won't get your monthly productivity bonus, what are you experiencing?
Answers (1)
New Questions in Business
Phoenix Arizona had an average annual scorpion rate of about 3.1 times that of Tucson Arizona, if Phoenix has 25 per year, about how many does Tustin get? round to the nearest tenth.
Answers (1)
Hache Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,850 units in its beginning work in process inventory that were 20% complete with
Answers (1)
Part i51 is used in one of pries corporation's products. the company makes 18,000 units of this part each year. the company's accounting department reports the following costs of producing the part at this level of activity:
Answers (1)
Reliable Gearing currently is all-equity-financed. It has 10,000 shares of equity outstanding, selling at $100 a share. The firm is considering a capital restructuring.
Answers (1)
Older adults who participated in 20 one-hour video game training sessions with the program lumosity showed reduction in their:
Answers (1)