You are able to collect the following data on the impact of a one-cent increase in gasoline prices. Calculate the percentage change in demand for each service station. (Round your responses to two decimal places. If the change is negative, be sure to include a minus sign.) Service Station Gasoline Sold (thousands of gallons) With No Price Increase Gasoline Sold (thousands of gallons) With 1-Cent Price Increase Percentage Change A 120 90 B 160 140 C 210 180 D 320 280
You are able to collect the following data on the impact of a one-cent increase in gasoline prices. Calculate the percentage change in demand for each service station. (Round your responses to two decimal places. If the change is negative, be sure to include a minus sign.) Service Station Gasoline Sold (thousands of gallons) With No Price Increase Gasoline Sold (thousands of gallons) With 1-Cent Price Increase Percentage Change A 120 90 B 160 140 C 210 180 D 320 280
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You are able to collect the following data on the impact of a one-cent increase in gasoline prices.
Calculate the percentage change in
|
Service Station |
Gasoline Sold (thousands of gallons) With No |
Gasoline Sold (thousands of gallons) With 1-Cent Price Increase |
Percentage Change |
|
A |
120 |
90 |
|
|
B |
160 |
140 |
|
|
C |
210 |
180 |
|
|
D |
320 |
280 |
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