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9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the...

9. The average price of gasoline in Texas in January 2018 was about $2.248/gallon and the Texas consumption of gasoline that month was 40.555 million gallons. The average price of gasoline in Texas was about $2.354/gallon last month (January 2019). The elasticity of Texas gasoline demand is -0.22. By how much did gasoline consumption in Texas change between January 2018 and last month? What was Texas gas consumption last month? ANSWER:

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Answer #1

Therefore between january 2018 and jan 2019, the consumption of gasoline in Texas fell by .4207 million gallons.

And the Texas gas consumption in jan 2019 was 40.1343 million gallons.

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