The price elasticity of gasoline in the United States has been Essay

The price elasticity of gasoline in the United States has been estimated to be 0.15. if this is so, should profit maximizing gasoline stations raise their prices Explain why or why not - Essay Example Since gasoline is considered as normal goods the income elasticity will be positive. The estimated price elasticity will vary according to income, demography and the geography. The demand for gasoline is closely associated with the fuel economy of the vehicles. If the price of the gasoline rises the profit maximizing gasoline companies will not be able to raise the prices according to their wish as in such cases the consumers will shift to the more fuel efficient vehicles which will ultimately lead to a fall in demand conditions for gasoline1. The rebounding effect will have a role to play in this case. The organizations may witness a rise in demand in the short run but in the long run the demand will not be persistent and in fact the demand will fall further than expected. Gillingham, K. 2011. How Do Consumers Respond to Gasoline Price Shocks? Heterogeneity in Vehicle Choice and Driving Behavior. Available at: http://www.umass.edu/resec/seminars/docs/Gillingham_ConsumerResponseGasPrices.pdf. [Accessed: 18th October,

India and Pakistan Essay Example | Topics and Well Written Essays - 1500 words

India and Pakistan - Essay Example India has struggled for survival form various invaders from different religions. All invaders tried their best to loot the rich properties India possessed during period of their invasion. The first Anglo-French war took place in the year 1748. Nawab of Bengal, Siraj-ud-aulah was defeated the English in the Battle of Plassey in the year 1757. Again there was a war between French and the English defeated the French. In the year 1761, the ruler of Afghanistan, Ahmed shah Abadi conquered the Marathas great warriors in the Battle of Panipat third. The English gained the Rights in Bengal, Bihar and Orissa in the year 1765. Clive Lord has become Governor in Bengal during this period. There was a first Mysore war during 1767-69 between the British and Hyder Ali of Mysore. The English had secured the Northern circars in the year 1766. The British in their parliament passed the Regulatory Act in the 1773. Warren Hastings has ascended the chair of Governor of Bengal in the year 1772. The first Anglo-Maratha was taken place during the period 1775-1782. Maharaja Ranjit Singh was born in the year 1780 that had struggled with the British for safeguarding his people in the second Mysore war; the English defeated the Hyder Ali during the period 1780-84. ... The English ahs crushed the Marathas in the second Anglo-Marathas war at Assaye. Sir Arthur Wellesley led the English. Lord William Bentick became the Governor General of Bengal in the year 1828 who had subsequently, successfully brought prohibition of sati in the year 1829 in to force by removing age old customs followed by the people of North in particular this Act was welcomed by most of the communities in India and gave them a sounding support. During the period 1845-46, the English defeated the Sikhs after the death of Maharaja Ranjit singh who died in the year 1839. Lord Dalhousie has become the Governor General of Bengal in the year 1848. First Indian Railway was laid form Bombay to thane in the year 1868. In the year 1858, Indian Government was taken over by the British crown. The important Acts such as Indian penal code, Indian councils and Indian High Courts came into existence and force. The queen of England has proclaimed the empress's of India in the year 1877. The Briti shers gave Mysore state back to their original rules in the year 1881.In the year 1911, the imperial capital shifted form Calcutta to Delhi, The First World War broke out in the year 1914. The Indian National congress consisting of Hindus and Muslims had made Annie Besant as the president in the year 1917. Montague reforms committee offered limited provincial autonomy Indians in the year 1919. In this year the massacre was broke out in Jallianwala bagh where some hundreds Sikhs were killed by the British in a congregation. The Indian national congress gave a call to observe movement, non-cooperation. British clothiers were burnt. Students did not attend colleges. Lawyers left the practice in the courts in the year