The prices of gasoline per gallon in California in 2007 and 2008 were $2.29 and $3.09, respectively. The quantities of gasoline in gallons for the years 2007 and 2008 were 1,450 and 1,392, respectively. How much is the elasticity of demand for gasoline from 2007 to 2008? O 0.834 O 0.159 O 0.115
The prices of gasoline per gallon in California in 2007 and 2008 were $2.29 and $3.09, respectively. The quantities of gasoline in gallons for the years 2007 and 2008 were 1,450 and 1,392, respectively. How much is the elasticity of demand for gasoline from 2007 to 2008? O 0.834 O 0.159 O 0.115
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 26CTQ: What is the relationship between price elasticity and position on the demand curve? For example, as...
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![The prices of gasoline per gallon in California in 2007 and 2008 were $2.29 and $3.09, respectively.
The quantities of gasoline in gallons for the years 2007 and 2008 were 1,450 and 1,392,
respectively. How much is the elasticity of demand for gasoline from 2007 to 2008?
O 0.834
O 0.159
O 0.115](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ad14041-b654-4fa0-83f4-533ddd4cbd64%2F9658f757-51c0-4526-bbf3-7d0f572128a9%2Fexkhuq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The prices of gasoline per gallon in California in 2007 and 2008 were $2.29 and $3.09, respectively.
The quantities of gasoline in gallons for the years 2007 and 2008 were 1,450 and 1,392,
respectively. How much is the elasticity of demand for gasoline from 2007 to 2008?
O 0.834
O 0.159
O 0.115
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