gas demand

Essay specific features

 

Issue:

Business

 

Written by:

Sylvia H

 

Date added:

January 17, 2017

 

Level:

College

 

Grade:

C

 

No of pages / words:

1 / 261

 

Was viewed:

1820 times

 

Rating of current essay:

 
Essay content:

When the price elasticity of demand for a good is elastic (|Ed| > 1), the percentage change in quantity is greater than that in price. Hence, when the price is raised, the total revenue of producers falls, and vice versa(). So, the amount by which quantity changes as price changes is the percentage change in quantity to the percentage change in price (% Change in Quantity / % Change in Price)...
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Gasoline cannot be substituted at all or very easily. In most of the United States, gasoline is a necessity and does not affect most people's budget .Economists help determine the price of gas, because they are able to estimate how much driving the average American consumer will do during a certain period of time, such as holidays or during the summer...
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