Answer:
The correct answer is;
Demand for gasoline in Orlando is price inelastic.
Explanation:
The elasticity is the degree of response to a change in price or quantity supplied to the the quantity demanded. An elastic demand responds positively to change in price, while an inelastic demand means that when there is a price increase, the quantity demanded remains the same and where there is a drop in price the quantity demanded remains constant.
If a small change in price results in a large change in demand then the good is said to be price elastic
In the question the price increases by 10% while the quantity demanded drops 5 % daily. Therefore it is price inelastic
The answears are in the attached photo.
Explanation:
Volume is the quantity of three-dimensional
