If I spend $50 per week on gasoline,regardless of the price per gallon,my price elasticity of demand for gasoline is
A) 0.
B) 1.
C) 2.
D) infinite.
E) indeterminable.

Name: If I spend $50 per week on gasoline,regardless of the price per gallon,my price elasticity of demand for gasoline is A) 0. B) 1. C) 2. D) infinite. E) indeterminable.
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Question

Quizplus · Accepted Answer

Price elasticity of demand is 1 when expenditure remains constant despite changes in price, indicating unitary elasticity.

If I Spend $50 Per Week on Gasoline,regardless of the Price