Due to rising gas prices provide a great lesson about the determinants of elasticity of demand by price: With gasoline prices in the United States approach the average $ 3 a gallon, Americans are moaning about rising costs, but so far they are resisting big changes in the way their gasoline-the initial results. high prices do have some effect, but the price will have higher today and will be in high level for a long time to mean limiting gasoline consumption of the country's huge fleet of cars and trucks, accounting for about 10% of the world's oil. At the margin, there is some indication that high petrol prices may be starting to change consumer behavior. Traditionally, the use of gasoline in the United States increased by about 1.5% per year. However, in three of the six months from July right after the storm, the Gulf Coast through February, petrol consumption falling compared with a year earlier, according to data from the U.S. energy information agency. For three months, during which it was great, it never rose more than 0.4 percent. However, in March, when gasoline prices soared, demand reappear stronger levels, increased 1%, according to preliminary figures. wondering how the numbers look on the average. Didn't have much time for 1% or so of the population growth has more impact, but still, this is the correct way to look at the aggregate consumption over time.
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