If a 30 percent decline in the price of gasoline leads to a 15 percent rise in the quantity of gasoline being bought by consumers, the price elasticity of demand for gasoline in this range must be

0.5 making the demand for gas to be inelastic in this range.

Explanation:

The price elasticity of demand is calculated as:

= % change in quantity demanded / % change in price

= 15% / -30%

= -0.5

Based on the above calculation, we can see that the elasticity of demand equals to 0.5. Since, it is less than 1, it is said to be inelastic.

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explanation: