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Category > Economics Posted 22 Jun 2017 My Price 5.00

In the News: Americans Apply Brakes as Gas Price Soars

In the News: Americans Apply Brakes as Gas Price SoarsU.S. drivers bought about 2.4 million fewer gallons of gasoline last week, compared to a year ago. That’s a 3.6 percent drop in the volume of gasoline sold. Price appears to be the culprit. Faced with a 32 percent jump in gas prices since last year, consumers are cutting back on nonessential trips and using public transit more often.

 

Source: News reports, April 12-15, 2011.

 

What was the price elasticity of demand for gasoline?

 

Instructions: Enter your response rounded to two decimal places.

 

 

 

 

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 02:06 AM My Price 5.00

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