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Jerry drives up to a gas station. Before looking at the price, he places an order and says, "I'd like $10 of gas." What is Jerry's price elasticity of demand (in absolute value)? 0.5,1 or infinity? The answer would be zero if he did not care for the cost, but since he is limited by $10, what is the answer?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945398

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