(10 points total) The own-price elasticity of gasoline driven cars was estimated at 1.08 (this is the absolute value). I

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10 Points Total The Own Price Elasticity Of Gasoline Driven Cars Was Estimated At 1 08 This Is The Absolute Value I 1 (45.95 KiB) Viewed 43 times

(10 points total) The own-price elasticity of gasoline driven cars was estimated at 1.08 (this is the absolute value). If the price of gas increases by 1% increase, the quantity of cars demanded should fall percent (enter the number only). by Type your answer here The cross-price elasticity of demand for battery electric cars with respect to the prices of gasoline cars is calculated as 0.36. Therefore, a 1% increase in the price of gasoline cars should Write your response here... (increase/decrease) the demand for battery electric cars., and the quantity of battery cars demanded will change by Type your answer here percent (enter the number only). Based on the estimate, battery electric cars and gasoline cars are (substitutes/complements). Write your response nere