The Elasticity of Demand for Gasoline Case Solution
This Case is about Political Science
published: 21 Aug 2015
This workout utilizes month-to-month information for the United States from 1978-2013 to approximate a demand functionality for gasoline in the United States. The requirement function is utilized to determine the cost and earnings elasticity of demand. Consequently, it demonstrates how to approximate flexibilities in the brief and the long term. To instruct the idea of elasticity by revealing that elasticity of need can be approximated utilizing information and regression evaluations. Trainees utilize the information and integrated regression features in Excel (file offered on demand) to approximate elasticity of need for gas.
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