How will elasticity affect total expenditures on gasoline

Reference no: EM13206388

The price elasticity of demand for gasoline in the short run has been estimated to be -0.1. If a war in the Middle East causes the price of oil (from which gasoline is made) to increase, how will that affect total expenditures on gasoline in the short run, all other things unchanged?

Reference no: EM13206388

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