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As gas costs soar, buyers are flocking to small cars Faced with high gas prices, Americans are substituting smaller cars for SUVS. In April 2008, Toyota Yaris sales increased 46 percent and Ford Focus sales increased 32 percent from a year earlier. Sales of SUVS decreased by more than 25 percent in 2008 and Chevrolet Tahoe sales fell 35 percent. Full-size pickup sales decreased more than 15 percent in 2008 and Ford F-Series pickup sales decreased by 27 percent in April 2008. The effect of a downsized vehicle fleet on fuel consumption is unknown. In California, gasoline bought decreased by 4 percent in January 2008 from a year earlier. Source: The New York Times, May, 2, 2009 Use the information in the news clip, along with the fact that in California, the price of gasoline in January 2008 increased by about 30 percent from a year earlier. Calculate the price elasticity of demand for gasoline in California. ..... The price elasticity of demand for gasoline in California is >>> Answer to 2 decimal places.

As gas costs soar, buyers are flocking to small cars Faced with high gas prices, Americans are substituting smaller cars for SUVS. In April 2008, Toyota Yaris sales increased 46 percent and Ford Focus sales increased 32 percent from a year earlier. Sales of SUVS decreased by more than 25 percent in 2008 and Chevrolet Tahoe sales fell 35 percent. Full-size pickup sales decreased more than 15 percent in 2008 and Ford F-Series pickup sales decreased by 27 percent in April 2008. The effect of a downsized vehicle fleet on fuel consumption is unknown. In California, gasoline bought decreased by 4 percent in January 2008 from a year earlier. Source: The New York Times, May, 2, 2009 Use the information in the news clip, along with the fact that in California, the price of gasoline in January 2008 increased by about 30 percent from a year earlier. Calculate the price elasticity of demand for gasoline in California. ..... The price elasticity of demand for gasoline in California is >>> Answer to 2 decimal places.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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As gas costs soar, buyers are flocking to small cars Faced with high gas prices, Americans are substituting smaller cars for SUVS. In April 2008, Toyota Yaris sales increased 46 percent and Ford Focus sales increased 32 percent from a year earlier. Sales of SUVS decreased by more than 25 percent in 2008 and Chevrolet Tahoe sales fell 35 percent. Full-size pickup sales decreased more than 15 percent in 2008 and Ford F-Series pickup sales decreased by 27 percent in April 2008. The effect of a downsized vehicle fleet on fuel consumption is unknown. In California, gasoline bought decreased by 4 percent in January 2008 from a year earlier. Source: The New York Times, May, 2, 2009 Use the information in the news clip, along with the fact that in California, the price of gasoline in January 2008 increased by about 30 percent from a year earlier. Calculate the price elasticity of demand for gasoline in California. .... The price elasticity of demand for gasoline in California is >>> Answer to 2 decimal places.
Transcribed Image Text:As gas costs soar, buyers are flocking to small cars Faced with high gas prices, Americans are substituting smaller cars for SUVS. In April 2008, Toyota Yaris sales increased 46 percent and Ford Focus sales increased 32 percent from a year earlier. Sales of SUVS decreased by more than 25 percent in 2008 and Chevrolet Tahoe sales fell 35 percent. Full-size pickup sales decreased more than 15 percent in 2008 and Ford F-Series pickup sales decreased by 27 percent in April 2008. The effect of a downsized vehicle fleet on fuel consumption is unknown. In California, gasoline bought decreased by 4 percent in January 2008 from a year earlier. Source: The New York Times, May, 2, 2009 Use the information in the news clip, along with the fact that in California, the price of gasoline in January 2008 increased by about 30 percent from a year earlier. Calculate the price elasticity of demand for gasoline in California. .... The price elasticity of demand for gasoline in California is >>> Answer to 2 decimal places.
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