The short-run price elasticity of demand for gasoline is 0.5, and the long-run price elasticity of demand for gasoline is 1.1. Demand for gasoline is in the short run and in the long run. a elastic unitarily elastic
The short-run price elasticity of demand for gasoline is 0.5, and the long-run price elasticity of demand for gasoline is 1.1. Demand for gasoline is in the short run and in the long run. a elastic unitarily elastic
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...
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11
![The short-run price elasticity of demand for gasoline is
0.5, and the long-run price elasticity of demand for
gasoline is 1.1. Demand for gasoline is _______ in the short
run and in the long run.
a. elastic; unitarily elastic.
b. inelastic; unitarily inelastic.
c. elastic; inelastic.
d. inelastic; elastic.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ffee599-917a-41d4-a8a0-7aea7bd9498b%2F9a78739a-62a6-4689-9c4d-8fc8939aefb1%2F6t6flpx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The short-run price elasticity of demand for gasoline is
0.5, and the long-run price elasticity of demand for
gasoline is 1.1. Demand for gasoline is _______ in the short
run and in the long run.
a. elastic; unitarily elastic.
b. inelastic; unitarily inelastic.
c. elastic; inelastic.
d. inelastic; elastic.
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