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Short-run price elasticity

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Gas stations off of I-25dramatically increased their prices during the solar eclipse in August of 2017,giving rise to complaints of "price gouging." Using the same critical thinking presented in Week 4 Recitation, what is "price gouging?" What are the supply and/or demand changes that caused this high pricefor gas during the eclipse? Why would the short-run price elasticity be lower than the long-run price elasticity of demand for gas in this case? Is price gouging fair?

Reference no: EM131865283

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