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QUESTION
The absolute value of 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 in
The absolute value of 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 equal? (hint: consider the change in gasoline prices.)
