The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. the price elasticity of demand is equal to and demand is described as a. 0.2; inelastic d. 5; inelastic b. 0.2; elastic e. 5; elastic c. 1; unit elastic

The correct answer is option a.

Explanation:

The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%.

The price elasticity of demand measures the change in quantity demanded due to a change in price. It is the ratio of the percentage change in the quantity demanded and percentage change in price.

Price elasticity of demand

=

=

= 0.2

The price elasticity is lower than one. This implies that the demand for gasoline is relatively price inelastic.

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c

explanation:

well obviously you must be dumb if you dont noe dat