Price elasticity of demand for energy prices

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What do you think is the price elasticity of demand for gas and energy prices in general? What role do expectations play concerning energy prices? How about consumer sentiment going forward and its effects on retail sales and general economic transactions? Will this phenomenon affect the upcoming presidential election? How so? What will rising energy prices do to the marginal cost of production? What will this change in marginal cost of production do to output, employment, GDP? Is there a role for the government to play with respect to energy prices?

Reference no: EM13136603

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