Question

As gas costs​ soar, buyers are flocking to small cars Faced with high gas​ prices, Americans are substituting smaller cars for SUVs. In April​ 2008, Toyota Yaris sales increased 46 percent and Ford Focus sales increased 32 percent from a year earlier. Sales of SUVs decreased by more than 25 percent in 2008 and Chevrolet Tahoe sales fell 35 percent.​ Full-size pickup sales decreased more than 15 percent in 2008 and Ford​ F-Series pickup sales decreased by 27 percent in April 2008. The effect of a downsized vehicle fleet on fuel consumption is unknown. In​ California, gasoline bought decreased by 4 percent in January 2008 from a year earlier. ​Source: The New York Times​,​ May, 2, 2009 Use the information in the news​ clip, along with the fact that in​ California, the price of gasoline in January 2008 increased by about 30 percent from a year earlier. Calculate the price elasticity of demand for gasoline in California.

Answer 1

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