If the price elasticity of demand for gasoline at the current price is .2, by how much must the price rise before consumers will reduce their consumption by 1%?

It depends on the slope of the demand curve.

When the price of solar-powered flashlights is $2.00, buyers will buy 500. When the price is $1.00, they buy 750. The price elasticity of demand is:

1/2 3/5 1/3 2/3.

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