Aservice station owner in staten island, new york, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price. if raising the price of gasoline would cause the owner to receive less total revenue from the sale of gasoline, the demand for gasoline is
a) elastic.
b) inelastic.
c) unit elastic.
d) perfectly inelastic.

A) elastic.

Explanation:

Demand elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of price changes. When price goes up and demand goes down a lot, demand is said to be price elastic. When price rises and demand does not change significantly, demand is said to be inelastic to price. Therefore, if the rise in gasoline prices causes a decrease in the entrepreneur's revenue, we say that the demand for gasoline is elastic.

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.  

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.

a. money supply  

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