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Business, 19.03.2022 06:50 putaprincess16

Suppose you have one hour to catch a flight to Los Angeles for a job interview. It takes approximately about 40 minutes to drive to the airport. You just realized that car is almost out of gas, and the price of gas at the closest gas station is higher than at other gas stations that are much farther away in a different direction. To you, the price elasticity of demand for gas is likely to be than it would be if you had several hours before the flight.

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