The Price Elasticity of Demand for Gasoline Is -0

question 61

Essay

The price elasticity of demand for gasoline is -0.8. What must occur to the price of gasoline in order for quantity demanded to rise by 20 percent?

---

Definitions:

Political Party

An organized group of people with at least somewhat similar political aims and opinions, that seeks to influence public policy by getting its candidates elected to public office.

Immigration Laws

Statutes, regulations, and legal precedents governing who may enter the country, the duration of their stay, and their legal duties and rights.

Incarceration Rate

The number of individuals held in prison or jail per 100,000 people in a particular population.

Imprisonment Rate

The number of individuals incarcerated in a country's prison system per 100,000 of the population.