In the Mythical Nation of Oz, Gasoline Used to Sell

question 210

Essay

In the mythical nation of Oz, gasoline used to sell for $1 a gallon, and the natives purchased 100,000 gallons a week. Four years ago, the price rose to $3 a gallon, and the natives reduced their quantity demanded to 90,000 gallons a week. Calculate the price elasticity for this change. Today, gas again sells for $1 a gallon in Oz, but the natives are only buying 70,000 gallons a week. What gives?

---

Definitions:

Mathematics

is the abstract science of numbers, quantity, and space, either studied in its own right (pure mathematics) or as applied to other disciplines such as physics and engineering (applied mathematics).

Syllables

Units of organization for a sequence of speech sounds, typically comprising a vowel sound with or without surrounding consonants.

Phonemes

The smallest units of sound in a language that can make a difference in meaning.

Linking Sounds

Linking sounds refers to the phonetic practice where adjacent words are connected smoothly in speech, common in many languages.