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Author Question: Suppose you are advising the government on changes in the gasoline market. The current price is ... (Read 79 times)

blkth103

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on: Oct 12, 2022
Suppose you are advising the government on changes in the gasoline market. The current price is $1.00 per litre and the quantity demanded is 2.5 million litres per day. Long-run price elasticity of demand is constant at 0.8. If the supply of gasoline is reduced so that the price rises to $1.50 per litre, then quantity demanded is predicted to fall in the long run by
◦ 12%, and total expenditure will fall.
◦ 15%, and total expenditure will fall.
◦ 15%, and total expenditure will rise.
◦ 32%, and total expenditure will rise.
◦ 50%, and total expenditure will rise.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by blkth103 on Oct 12, 2022

FireandIce

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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blkth103

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it

ebonylittles

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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