a Slurpico Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded: following data for gasoline sales and prices in West Valley, Washington are 330 3.50 340 3.25 350 3.00 360 2.75 370 2.50 380 2.25 390 2.00 410 1.50 420 1.25 Sales 400 430 1.00 Price 1.75 Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product gasoline is: (hint: use the midpoint method) Formula Calculation Answer Price elasticity of demand for gasoline is Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product gasoline is: (hint: use the midpoint method) b. Formula Calculation Answer Price elasticity of demand for gasoline is When average gas prices are $1.50 a gallon, what does total revenue per day equal (remember, total revenue equals price times quantity)? C. Formula Calculation Answer d. When average gas prices are $3.00 a gallon, what does total revenue per day equal? Formula Calculation Answer

a Slurpico Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded: following data for gasoline sales and prices in West Valley, Washington are 330 3.50 340 3.25 350 3.00 360 2.75 370 2.50 380 2.25 390 2.00 410 1.50 420 1.25 Sales 400 430 1.00 Price 1.75 Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product gasoline is: (hint: use the midpoint method) Formula Calculation Answer Price elasticity of demand for gasoline is Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product gasoline is: (hint: use the midpoint method) b. Formula Calculation Answer Price elasticity of demand for gasoline is When average gas prices are $1.50 a gallon, what does total revenue per day equal (remember, total revenue equals price times quantity)? C. Formula Calculation Answer d. When average gas prices are $3.00 a gallon, what does total revenue per day equal? Formula Calculation Answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.

Question

Can you help me with questions A, B, C,D, and E

thank you!!

ZOOM
+
The following data for gasoline sales and prices at a Slurpico Station in West Valley, Washington are from the United States
Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded:
Sales
330
340
350
360
370
380
390
400
410
420
430
Price
3.50
3.25
3.00
2.75
2.50
2.25
2.00
1.75
1.50
1.25
1.00
Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product
gasoline is: (hint: use the midpoint method)
a.
Formula
Calculation
Answer
Price elasticity of demand for gasoline is
Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product
gasoline is: (hint: use the midpoint method)
b.
Formula
Calculation
Answer
Price elasticity of demand for gasoline is
When average gas prices are $1.50 a gallon, what does total revenue per day equal (remember, total revenue equals price
times quantity)?
с.
Formula
Calculation
Answer
d.
When average gas prices are $3.00 a gallon, what does total revenue per day equal?
Formula
Calculation
Answer

ZOOM
+
Price elasticity of demand for gasoline is
Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product
gasoline is: (hint: use the midpoint method)
Formula
Calculation
Answer
Price elasticity of demand for gasoline is
When average gas prices are $1.50 a gallon, what does total revenue per day equal (remember, total revenue equals price
times quantity)?
с.
Formula
Calculation
Answer
d.
When average gas prices are $3.00 a gallon, what does total revenue per day equal?
Formula
Calculation
Answer
Based on your results from a, b, c, and d, above, gasoline is considered an
(choose "inelastic" or "elastic")
е.
good, and if Slurpico continues to raise the price of its gasoline, its total revenue will
(choose either "rise," "fall," or
"stay the same.")

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