Estimate the likely impact of an increase in gasoline prices

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An increase in gasoline prices from $1.00 to $1.30 per gallon resulted in a decrease of automobile use from 1,000,000 to 960,000 trips. Estimate the likely impact of an increase in gasoline prices from $1.30 to $1.50. Solve this problem using three alternative measures of elasticity.

Reference no: EM13879877

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Estimate the likely impact of an increase in gasoline prices : An increase in gasoline prices from $1.00 to $1.30 per gallon resulted in a decrease of automobile use from 1,000,000 to 960,000 trips. Estimate the likely impact of an increase in gasoline prices from $1.30 to $1.50. Solve this problem using three a..

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