lectur14-page60

lectur14-page60 - decrease in consumption of gasoline. D...

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60 What was the result of this sequence of events on Demand? Price Quantity demanded $1.20 $2.20 Q 1 Q 0 In Short Run, the very large increase in gas price resulted in a very small
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Unformatted text preview: decrease in consumption of gasoline. D Consumption of gas will not be very responsive to the increase in price. We say demand is relatively inelastic...
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