If David Gets 31

question 8

Short Answer

If David gets 31.2 miles per gallon (mpg) in his truck, how many kilometers (km) could he drive on 8.5 gallons of gasoline? Round to two places.​

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Definitions:

Deadweight Loss

Deadweight loss represents an economic inefficiency that happens when a good or service doesn't reach or cannot reach its equilibrium point.

Price Elasticity

An economic measure indicating how the quantity demanded of a product changes in response to a change in the price of that product.

Equilibrium Quantity

The equilibrium quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.

Deadweight Loss

A reduction in economic effectiveness occurring when a good or service doesn't attain market equilibrium in an unrestricted market scenario.