Hi, could someone please

Hi, could someone please

Hi, could someone please help me on this question. I need part a, b and c) answered! Thanks!Question 1:(a) You are asked to compare and contrast the estimated price elasticity of demand for fuel in two different countries, say the US and the UK. To do so, you have been given the following information.- Fuel taxes are about 8 times higher in the UK than the US resulting in prices that are 3 times higher.- UK Vehicles are twice as fuel efficient.-Automobiles are driven about 20% less per year in the UK-And per capita vehicle ownership is lower by almost 20% in the UK.(i) How relevant are these information and how will you use them?(ii) In light of the above information, what can you say about the price elasticity of automobiles?(b)  ?The relatively low price elasticity of driving with respect to fuel prices hides a much higherprice elasticity of driving? Why? Discuss what is meant by overall price elasticity and how it is different from fuel price elasticity.

%d bloggers like this: