Author Question: To determine whether an increase in the price of gasoline results in a consumer spending a larger ... (Read 162 times)

bio_gurl · **on:** Jul 1, 2018

To determine whether an increase in the price of gasoline results in a consumer spending a larger share of their expenditure on gasoline we need to know

A) only how much money the consumer spends on gasoline before the price change
B) only the change in the price of gasoline
C) only the change in the price of gasoline as a percentage of the original price
D) only the own price elasticity of demand for gasoline
E) none of the above

Question 2

According to figure 1.1, the favorite explanation for continuing poverty in America was lack of effort by the poor.

Indicate whether the statement is true or false