What is the price elasticity of gasoline

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If when the price of auto fuel rose from $2 to $3/gallon, households reduced oil usage from 60 gallons a week to 40 gallons per week. What is the price elasticity of gasoline? (Use midpoint calculations, which means use the midpoint between price one and price two and the midpoint between quantity one and quantity two to calculate your elasticity).

Reference no: EM131092367

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