solved : 1.Suppose the price elasticity of demand for gasoline is 0.2
1.Suppose the price elasticity of demand for gasoline is 0.2 in the…1.Suppose the price elasticity of demand for gasoline is 0.2 in the short run and 0.7 in the long run. If the price of gas rises from $1.80 to $2.20 per gallon, what happens to the quantity of gas demanded in the short run? In the long run? (Use the midpoint method in your calculations)2.A price change causes the quantity demanded of a good to decrease by 25 percent, while the total revenue of that good increase by 10 percent. Is the demand curve elastic or inelastic? Explain.BusinessEconomicsMicroeconomicsECN 2010
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