# Suppose the demand for gasoline in the United States is Q = 500.8 - 7.8P +...

Suppose the demand for gasoline in the United States is Q = 500.8 - 7.8P + 0.027Y - 19.6MPG, where Q is annual U.S. gasoline consumption in millions of gallons per day, P is the retail price of gasoline in $/gallon, Y is real disposable income in billions of 2012 dollars, and MPG is the fleet efficiency in miles per gallon. Assume in 2015 P = 2.50, Y = 14600, and MPG = 24.7. Note that MPG is the long-run response to price changes, which means the coefficient 7.8 captures just the short-run response to price changes. What is the point income elasticity of demand? ## Answers #### Similar Solved Questions 1 answer ##### 2. A hand of 5-card draw poker is a simple random sample from the standard deck... 2. A hand of 5-card draw poker is a simple random sample from the standard deck of 52 cards. How many 5 draw poker hands are there? In 5-card stud poker, the cards are dealt sequentially and the order of appearance is important. How many 5-stud poker hands are there? 3. How many hands of 5-draw poke... 1 answer ##### One to two-page Paper describing some of the more common criminal offenses that occur in Healthcare... One to two-page Paper describing some of the more common criminal offenses that occur in Healthcare settings.... 1 answer ##### My text book is THERMO DYNAMICS AN ENGINEERING APPROACH EIGHTH EDITION please i want answer based... my text book is THERMO DYNAMICS AN ENGINEERING APPROACH EIGHTH EDITION please i want answer based on this book Problem 1: Make a table to compare between different refrigerants Problem 2: Summarize the main key points of section 11.7 HEAT PUMP SYSTEMS (One page exactly) Problem 3: Summarize the m... 1 answer ##### Consider the data in the table below and answer the following questions: Utility Score Portfolio L... Consider the data in the table below and answer the following questions: Utility Score Portfolio L Utility Score Portfolio M Utility Score Portfolio H Investor Risk Aversion (A) Er) =.07: =.05 E(r)=.09: O= E(r)= 13: o = 2 13-4x2x.22 =.0900 107 _x2x.052 = .0675.09–5x2x. P = 0800 <3<.05&or... 1 answer ##### 5/10 POINTS PREVIOUS ANSWERS SERPSE 10 28.4.P.021. MY NOTES MY NOTES ASK YOUR TEACHER ASK YOUR... 5/10 POINTS PREVIOUS ANSWERS SERPSE 10 28.4.P.021. MY NOTES MY NOTES ASK YOUR TEACHER ASK YOUR TEACHER A wire carries a steady current of 2.80 A. A straight section of the wire is 0.750 m long and lies along the x axis within a uniform magnetic field, B = 2.00 k T. If the current is in the negative ... 1 answer ##### Use C programing to solve the following exercise. Compute a root of the equation 4. (20 points) e-3 cos(x)-o using (a) Bisection Method between 0 and I. (b) Newton Method using an initial guess of... use C programing to solve the following exercise. Compute a root of the equation 4. (20 points) e-3 cos(x)-o using (a) Bisection Method between 0 and I. (b) Newton Method using an initial guess of I. Use e0.00001 Show that Newton Method has a faster convergence than Bisection Method Compute a ro... 1 answer ##### Question 3 Assume you are the owner of a large firm. There are three firms the... Question 3 Assume you are the owner of a large firm. There are three firms the size of your firm in this market. All firms have equal market share. None of these three firms are big enough to service the entire market demand on its own. You would like to make more profits. Indeed, the owners of all ... 1 answer ##### Name Eoles Folo Bled BENA Date 210 20 Score CHAPTER 32 Rehabilitation and Therapeutic Modalities VOCABULARY... Name Eoles Folo Bled BENA Date 210 20 Score CHAPTER 32 Rehabilitation and Therapeutic Modalities VOCABULARY BUILDER Misspelled Words cfleurage word's below that are misspelled, circle them, and correctly sell them in the spaces provided. Then write each arabulary term next to the example below t... 1 answer ##### As a nurse who works in hospital what is the importance of 5 step of nursing... As a nurse who works in hospital what is the importance of 5 step of nursing process? At least one page.... 1 answer ##### STV Answer 2b4 Use the gaussian trial function (x) = e-bx² to obtain the lowest upper... STV Answer 2b4 Use the gaussian trial function (x) = e-bx² to obtain the lowest upper bound you can on the ground-state energy of the linear potential: V(x) = a Ixl. <H> min 3, a?? 12 Oa 22 <H> min Ob. 2 m 1/3 <Hy mini OC 2 2 m... 1 answer ##### This Question: 1 pt 1 of 9 (0 complete) Determine , and o- from the given... This Question: 1 pt 1 of 9 (0 complete) Determine , and o- from the given parameters of the population and sample size. p=78.0=21, n=37 (Round to three decimal places as needed.)... 1 answer ##### Give the IUPAC name or common name for each compound о 2. CH3 Н,с Cl "CHз... Give the IUPAC name or common name for each compound о 2. CH3 Н,с Cl "CHз CH3 Н,с b. а. CH3 - CH3 d. С. Draw the structures correspond ing to each name: a. 4-methylheptanen itrile b. Cyclohexyl-2-methylbutanoate 3.... 1 answer ##### Can you please write the two C++ modules below is a step by step instuctions to follow that will ... Can you please write the two C++ modules below is a step by step instuctions to follow that will make it very easy thanks. Create a module called pqueue.cpp that implements priority queues, with a header file calledpqueue.hthat describes what pqueue.cpp exports. The interface includes the following,... 1 answer ##### QOSTION 49 4pc Exhibit 23.10 Output (Q) Total Revenue S0 20 40 Total Cost$10 40...
QOSTION 49 4pc Exhibit 23.10 Output (Q) Total Revenue S0 20 40 Total Cost \$10 40 60 70 75 60 100 120 140 105 135 160 175 Rafer so Eshtt 23-10. Whatuantity of output should the frm produce Os O 01...
##### I need help figuring out how to model this below: The Hay formula adjusts pay for...
I need help figuring out how to model this below: The Hay formula adjusts pay for "know-how," which they measure by the investments of formal education and training required to perform the job. Suppose that a regulatory body increases job requirements for lab technicians. Instead of an assoc...