1. As we move to the right of an indifference curve, the price elasticity of demand is
a. becomes more inelastic
b. becomes more elastic
c. does not change
d. unitary elastic
e. perfectly inelastic
2. U.S drivers are ranked as the least sensitive to changes in the price of gasoline. For example, if the price rose from $3 to $4 per gallon and stayed there for year U.S purchases gasoline would fall only about 5 percent. Calculate the price elastic of demand for gasonine.
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