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Price Elasticity Of Demand

Price Elasticity of Demand

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Title: Price Elasticity of Demand

Essay Details:

Subject: Business

Author: Bert B

Date: August 6, 2012

Level: University

Grade: A

Length: 8 / 2237

Essay text:

I intend to show how the recent fluctuations in the price of gasoline in the United States apply to the basic economic principle of Price Elasticity of Demand. I will show, through research of economic data how the demand for fuel has responded to the sales price at the pump in recent years as well as during the oil crisis of 1973 and 1980. 1973 -1974 Arab Oil Embargo First, let us start with a bit of history. Although the recent rise in price at the pump has been a burden on most of us, the economic and personal impact seems to have been far less than that of the oil shortages in 1973 and 1980...

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