ScholarMatic: Explanation & Answer
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Which of the following elasticities is not implicitly referred to in the news clip?
A.
Income elasticity of demand for gasoline
B.
Price elasticity of demand for gasoline
C.
Cross elasticity of demand for carscarswith respect to the price of gasoline
D.
Price elasticity of supply of gasoline
As Gasoline Prices Soar, Americans Slowly AdaptAs gas prices rose in March 2008, Americans drove 11 billion fewer miles than in March 2007. Realizing that prices are not going down, Americans are adapting to higher energy costs. Americans spend 3.7 percent of their disposable income on transportation fuels. How much we spend on gasoline depends on the choices wemake: what car we drive, where we live, how much time we spend driving, and where we choose to go. For many people, higher energy costs mean fewer restaurant meals, deferred weekend outings with the kids, less air travel, and more time closer to home.Source:International Herald Tribune, May 23, 2008
ScholarMatic: Explanation & Answer
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