Consider the demand for gasoline

Reference no: EM13310022

-Consider the demand for gasoline. When the price of gasoline increases by a relatively large amount, the quantity of gasoline purchased falls by a relatively small amount.

-Consider the market for cigarettes. When a 200% tax is imposed on the consumers of cigarettes, quantity demanded falls by 60%.

-Consider the demand for children. People who have higher incomes have fewer children on average. People with lower incomes have more children on average.

-Consider the market for soap. How would you determine if soap and shampoo are competitors?

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Reference no: EM13310022

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