1. If the price of gas increases from $3.50 to $6.00, how will that affect your quantity demanded of gas and other goods and services? What actions would you take in response?
2. Would your demand for gas be elastic or inelastic? Explain.
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1. If the price of gas increases from $3.50 to $6.00, how will that affect your quantity demanded of gas and other goods and services? What actions would you take in response?
2. Would your demand for gas be elastic or inelastic? Explain.
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