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This exercise uses monthly data for the US from 1978-2013 to estimate a demand function for gasoline in the US. The demand function is used to calculate the price and income elasticity of demand. Subsequently, it shows how to estimate elasticities in the short and the long run.
Reference 6159
Published 21 Aug 2015
Length 5 page(s)
Topic Economics & Finance
Region Global
Industry Oil & Energy, Renewables & Environment
This exercise uses monthly data for the US from 1978-2013 to estimate a demand function for gasoline in the US. The demand function is used to calculate the price and income elasticity of demand. Subsequently, it shows how to estimate elasticities in the short and the long run.