Price elasticity of demand for representative gasoline

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Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,700,000 annually. What is the price elasticity of demand for a representative gasoline retailer’s product? Instruction: Show your work and round your answer to 2 decimal places

Reference no: EM13832740

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