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Discuss the implications of own price elasticity

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Reference no: EM131428022

Mr. Abel owns a small chain of gasoline stations in a large Midwestern town. He read an article that said the own price elasticity of demand for gasoline in the United States is -0.2. Because of this highly inelastic demand in the United States, Mr. Abel is thinking about raising prices to increase revenues and profits. He has asked for your opinion.

  • Discuss the implications of own price elasticity.
  • Discuss the relationship between price changes, revenue, and own price elasticity of demand.
  • Interpret the -0.2 own price elasticity of demand.
  • Do you recommend that Mr. Abel raise prices?

Reference no: EM131428022

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