Compared to the price elasticity of demand for gasoline, the demand for texaco gasoline will_________.

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02-08-2022
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Compared to the price elasticity of demand for gasoline, the demand for texaco gasoline will_________.

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pragyavermav1 pragyavermav1 · Answer 1 · 2022-08-10T10:56:49+02:00

Compared to the price elasticity of demand for gasoline, the demand for Texaco gasoline will be more elastic.

Price elasticity of call for is the ratio of the proportion change in the amount demanded of a product to the percentage exchange in rate. Economists hire it to apprehend how supply and demand trade when a product's price changes.

If a fee alternate for a product causes a giant change in both its supply or call for, its miles are considered elastic. Generally, it manner that there are acceptable substitutes for the product. Examples would be cookies, luxury cars, and coffee.

In commercial enterprise and economics, price elasticity refers to the degree to which people, purchasers, or producers alternate their demand or the quantity supplied in response to fee or earnings adjustments. it is predominantly used to evaluate the trade-in consumer call for because of an alternate in an excellent or carrier's price.

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