--%>
Assignment Help - homework help

Similarity of elasticities of demand over price ranges

When a price hike for regular gas from $2.00 to $2.20 reduces quantity demanded from 20 million gallons to 19 million gallons daily, and an raise in the price of premium gas from $3.00 to $3.20 decreases its quantity demanded daily from 20 million gallons to 19 million gallons, in that case this is UNTRUE such that: (w) slopes of the two demand curves are the same. (x) elasticities of demand for the two types of gas are similar over these price ranges. (y) demand for premium is more elastic than demand for regular gas over these price ranges. (z) both types of demand are relatively inelastic.

Hello guys I want your advice. Please recommend some views for above Economics problems.

   Related Questions in Microeconomics

  • Q : Determine price of unitary price

    St. Valentine’s Day software is currently going in version of 6.0. At this point on the demand curve where the price elasticity of demand is unitary, there the price would be approximately: (i) $20, resulting in roughly 16 milli

    		•
  • Q : Example of drop in demand Decreased

    Decreased airline bookings subsequent to some major airline crashes would point out a: (i) Reduction in the amount of airline travel demanded. (ii) Drop in the demand for air travel. (iii) Phobia among air travelers which is irrational. (iv) Horizontal demand curve fo

    		•
  • Q : Goals of the Firm-Maximizing their

    When top executives of the corporation pursue policies which maximize their personal incomes and advantages, the most likely outcome is that: (1) The Corporation will attempt to maximize the net revenue. (2) Stockholders in the corporation will experience the highest

    		•
  • Q : Arbitrage and Transaction Costs The

    The individual or organization which simultaneously purchases low and sells high in various markets is a/an: (i) Elevator. (ii) Speculator. (iii) Analyst. (iv) Arbitrageur. (v) Operator. Can someone please help me in finding out th

    		•
  • Q : Price above marginal cost to minimizes

    When a monopolist which does not price discriminate maximizes profit and its economic profit is zero, this will charge a price: (w) equal to marginal cost and will be at the minimum average cost. (x) equal to marginal cost, but will p

    		•
  • Q : What is revenue deficit in government

    Revenue deficit in government budget: Whenever the revenue expenses of the government is more than the revenue receipts it is termed as revenue deficit Revenue expenditure > Revenue receipts

  • Q : Explain Subsidiary function Elucidate

    Elucidate the Secondary or Subsidiary function? Answer: 1) Standard of deferred payments: Money is executing as deferred Payment

    		•
  • Q : Decreases in market demand of

    Decreased market demand for generic bricks would result in a(n) ___________ in the price of bricks and a(n) ___________ in this brickyard’s profit-maximizing output. (w) increase; decrease. (x) increase; increase. (y) decrease;

    		•
  • Q : Centers for production in circular flow

    I have a problem in economics on Centers for production in circular flow model. Please help me in the following question. The centers for production in a circular flow model are termed as: (1) Households. (2) Public enterprises. (3) Business firms. (4

    		•
  • Q : Economists statement for sales to a

    When Serena Williams, Cindy Crawford, Hillary Clinton, Katy Couric, Jennifer Lopez, and Ashanti all start wearing Wal-Mart jeans at public appearances, economists would explain any resultant raise in Wal-Mart’s jean sales to the change in: (1) Expectations regar

    		•