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What will the post embargo price of gasoline be

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Suppose an oil embargo results in a 20% reduction in the supply of gasoline in the U.S., and the price elasticity of demand for gasoline in the U.S. is .75. Further suppose that the pre-embargo price of gasoline is $1.80 per gallon

What will the post embargo price of gasoline be?

Reference no: EM131597875

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