Circle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your answers..make sure you read the associated questions and responses). 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
Circle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your answers..make sure you read the associated questions and responses). 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
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
Related questions
Question
![Circle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your
answers...make sure you read the associated questions and responses).
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60ab4a3c-90a5-4741-b5df-57c75fb94bcc%2F8b9923e4-5633-44c2-a7ca-daa62924db21%2Fmi9kdxp_processed.png&w=3840&q=75)
Transcribed Image Text:Circle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your
answers...make sure you read the associated questions and responses).
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
![d.
When average gas prices are $3.00 a gallon, what does total revenue per day equal?
Formula
Calculation
Answer
е.
Based on your results from a, b, c, and d, above, gasoline is considered an
(choose "inelastic" or "elastic")
good, and if Slurpico continues to raise the price of its gasoline, its total revenue will
(choose either "rise," "fall," or
"stay the same.")](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60ab4a3c-90a5-4741-b5df-57c75fb94bcc%2F8b9923e4-5633-44c2-a7ca-daa62924db21%2F7wjxlwq_processed.png&w=3840&q=75)
Transcribed Image Text:d.
When average gas prices are $3.00 a gallon, what does total revenue per day equal?
Formula
Calculation
Answer
е.
Based on your results from a, b, c, and d, above, gasoline is considered an
(choose "inelastic" or "elastic")
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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