f gasoline is selling for $2.00/gallon and E85 is selling for $1.80/gallon and you own a...
f gasoline is selling for $2.00/gallon and E85 is selling for $1.80/gallon and you own a flexible fuel vehicle, which should you buy, and why?
|
ethanol |
||
|
gasoline |
||
|
both would be preferred equally a these prices |
Homework Answers
Gasoline is selling for $2.0/per gallon and E85 is selling for $1.80 per gallon. I own a flexible fuel vehicle. This means that it does not matter if I buy gasoline or E85 in order to run the vehicle. So for me, Gasoline and E85 are Perfect Substitutes.
Now when two goods are perfect substitutes, a consumer only buys that good among the two which is cheaper. In this case, E85 is cheaper than Gasoline. So, I would buy E85 only because of the aforementioned reasons.
Hence, first option is correct i.e, Ethanol
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