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In May 2011, the average price of gasoline in the United States was $3.76 per gallon and consumers bought 5 percent less gasoline than they had during May 2010, when the average price was $2.79 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from May 2010 to May 2011?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942074

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