U.S. drivers are ranked as the least sensitive to changes in the price of gasoline. For example, if the price rose from $3 to $4 per gallon and stayed there for a year U.S. purchases of gasoline would fall only about 5 percent.
Source: Slate, September 27, 2005
Calculate the price elasticity of demand for gasoline.
Does this measurement indicate that the demand for gasoline is elastic, unit elastic, or inelastic?
The price elasticity of demand for gasoline is .

Gasoline will cost $1 more per gallon if the price rises from $3 to $4, bringing the average price to $3.50. As a result, the cost of fuel increased by 28.6 percent.

Gasoline or petrol: Which is it?

Fuel for internal combustion engines made up of a combination of combustible, volatile liquid hydrocarbons extracted from petroleum and sometimes known as gasoline, gas, or petrol. It also functions as a solvent for fats and oils.

What materials makes up gasoline?

Gasoline is a mixture of many different molecules combining hydrogen and carbon (hydrocarbons). A typical gasoline mixture contains about 150 different hydrocarbons, such as butane, pentane, isopentane, and the BTEX compounds (benzene, ethylbenzene, toluene, and xylenes).

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