Two drivers, walt and jessie, each drive up to a gas station. before looking at the price, each places an order. walt says, "i'd like 10 gallons of gas." jessie says, "i'd like $10 worth of gas." what is each driver's price elasticity of demand

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Kris2974 Kris2974

09-10-2017
Business

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Two drivers, walt and jessie, each drive up to a gas station. before looking at the price, each places an order. walt says, "i'd like 10 gallons of gas." jessie says, "i'd like $10 worth of gas." what is each driver's price elasticity of demand

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nicks20 nicks20 · Answer 1 · 2017-10-17T06:19:47+02:00

In the question above, Walt asks for 10 gallons of gas while Jessie asks for $10 worth of gas. In both the cases, the drivers need gas but Walt is concerned about the quantity of gas and Jessie is concerned about the price of the gas.
In case of Walt, the price elasticity of demand is zero because he want 10 gallons of gas regardless of the price of gas per gallon. While in case of Jessie, the price elasticity of demand is one because he wants to buy gas worth $10, no matter what is the price of the gas per gallon.