Illustrate what is the price elasticity of demand

Reference no: EM1329022

Step-wise answer to Price Elasticity

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Suppose the own price elasticity of market demand for retail gasoline is -0.9 and Rothschild Index is 0.6 and a typical gasoline retailer enjoys sales of $1.2 Million annually. What is the price elasticity of demand of a representative gasoline retailer's product?

Reference no: EM1329022

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