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olasank [31]
2 years ago
9

Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 mi

llion barrels per day. Also, suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula, the price elasticity of demand for gasoline is:
Business
1 answer:
faltersainse [42]2 years ago
7 0

Answer:

28.6%

Explanation:

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