Why Yes, There is Elasticity in the Demand for Gasoline!

Lynne Kiesling James Hamilton has done the back of the envelope calculation to show that in the pasat two weeks, gasoline demand has plummeted, both relative to trend and relative to last year. His graph showing the effect is striking. Professor Hamilton points out that this decrease in demand is one of the reasons why … More Why Yes, There is Elasticity in the Demand for Gasoline!More Why Yes, There is Elasticity in the Demand for Gasoline!