Solved

When the Price of Gas Is $1

Question 155

Multiple Choice

When the price of gas is $1.00 a litre,the quantity demanded is 1,750 litres.When the price of gas is $2.00 a litre,the quantity demanded is 1,250 litres.Calculate the price elasticity of demand when the price is $1.50 a litre.


A) 2.0
B) 5.0
C) 0.5
D) 20
E) 1.5

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q150: If the price elasticity of demand for

Q151: If the cross elasticity of demand between

Q152: The demand for a good is price

Q153: Use the figure below to answer the

Q154: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5272/.jpg" alt=" Figure 4.1.4 -Figure

Q156: When the price of a good increases

Q157: The elasticity of supply for airplane travel

Q158: Use the figure below to answer the

Q159: The price of a plum falls by

Q160: Use the table below to answer the