QUESTION:A noted economist has conducted a statistical estimation of the demand for gasoline in the U.S. that yielded the following elasticities: Own-price elasticity: -0.05 Income elasticity: +1.58 Cross elasticity with respect to the price of new cars: -0.28From these results: a. Is the demand for gasoline elastic or inelastic? Explain. b. Is gasoline a normal good or an inferior good? Explain. c. Are gasoline and new cars substitutes or complements? Explain. d. If the price of gasoline decreases by 1% and income increases by 1% (and all other conditions remain the same), will the aggregate amount (price x quantity) that gasoline buyers spend on gasoline increase, decrease, or remain the same? Explain.
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