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Expected change in the quantity of gasoline

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The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?

  • +3.2%
  • -3.2%
  • +32.0%
  • +0.32%

Reference no: EM131207228

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