Price of gasoline over the past few years

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How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years?

What alternatives do you have for buying gasoline? Could you change to zero consumption of gasoline in the short run? In the long run?

In the short run, when the price of gasoline increases, what happens to the income you have to spend on other goods?

Try to use concepts seen in this unit such as budget constraint, income and substitution effects, etc. in your answer.

Reference no: EM13775502

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