Assignment: Over the past three years, the price of gasoline has ranged from $1.50 a gallon to $4.20 a gallon.
Question 1: To what extent, if any, are you able to change your quantity demanded for gasoline as the price goes up and down?
Question 2: Would the answer be different if the price went to $4.20 and stayed there for several years?
Question 3: What does the concept of elasticity have to do with this?