Ask Question
MathematicsMathematics
16 January, 16:55

If price was $2.00 per gallon and decreased to $1.40 per gallon, how does quantity of gasoline demanded change?

+1
Answers (2)
  1. 16 January, 17:21
    0
    The price and demand are inversely proportional to each other, When the price is less, the demand is higher. When the price is high, the demand is low.

    So, as given, the gasoline prices has been decreased from $2.00 per gallon to $1.40 per gallon, so now the demand will increase. The quantity of gasoline that will be in demand will increase.
  2. 16 January, 18:40
    0
    The quantity of gasoline demanded will increase.

    Step-by-step explanation:

    We are asked to find the change in demand of gasoline, when price of gasoline decreased from $2 per gallon to $1.40.

    We know that quantity of a product demanded is inversely proportional to supply of the product.

    This means that an increase in price will decrease the quantity demanded, while a decrease in price will increase the demand.

    Since the price of gasoline is decreased by $0.60 per gallon, therefore, the quantity of gasoline demanded will increase.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If price was $2.00 per gallon and decreased to $1.40 per gallon, how does quantity of gasoline demanded change? ...” in 📘 Mathematics 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
If you no that 4x5=20 how can you use the commutative property to find 4*5
Answers (1)
In 2005 , about 5 billion gal of renewable fuels, such as ethanol and other biofuels, were used in the United States. The energy law passed in 2007 requires that 35 billion gal of such fuels be used by 2022. What is the percent of increase?
Answers (1)
The distance between two cities is 145 miles. A truck can cover this distance in 2.5 hours. The speed of a car is 1.5 times faster than the speed of the truck.
Answers (1)
1 - 4x^2 Factorization using the formula: a^2 - b^2 = (a + b) (a - b) is the answer: (1 + 2x) (1 - 2x) is it in the right order though?
Answers (2)
Gary receives a 3.5% commission on his total sales. If he had $85,000 in sales, what was his commission?
Answers (1)
New Questions in Mathematics
A cylinder has a height of 23 m and a volume of 18,488 m³. What is the radius of the cylinder? Round your answer to the nearest whole number. 256 m 50 m 32 m 16 m
Answers (1)
8x9-2-3 = 32 Where do the parentheses go
Answers (2)
Mr. Yi buys vegetables at a market. He purchases 6 pounds of potatoes, p, and 3 pounds of onions, n, for $18. Onions cost twice as much as potatoes.
Answers (1)
What is the square root of 256?
Answers (1)
Mark and peter went to an arcade where the machines took tokens. Marilk played 9 games of ping pong and 5 games of pinball, using a total of 29 tokens. At the same time, peter played 3 games of ping pong and 1 game of pinball using up 7 tokens.
Answers (1)
Home » Mathematics » If price was $2.00 per gallon and decreased to $1.40 per gallon, how does quantity of gasoline demanded change?
Sign Up Forgot Password?