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22 March, 11:07

Six months ago, the price of gasoline was $2.20 per gallon. now, the price is $2.40 per gallon. in response to this price increase, the number of gallons of gasoline purchased has declined by 2 percent. based on this information, what is the absolute price elasticity of demand for gasoline?

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  1. 22 March, 12:50
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    The absolute price/of money to your answer is $2.50 which should get you plenty of gasoline absolutely
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