Consider the markets for bp supreme-grade gasoline, all bp grades of gasoline, and all gasoline.
for which of these three markets will demand be most elastic?
demand will be most elastic for
a. all bp grades of gasoline, then for bp supreme-grade gasoline, and then for all gasoline.
b. bp supreme-grade gasoline, then for all bp grades of gasoline. and then for all gasoline
c. all gasoline, then for bp supreme-grade gasoline, and then for all bp grades of gasoline.
d. bp supreme-grade gasoline. then for all gasoline. and then for all bp grades of gasoline.
e. all gasoline then for all bp grades of gasoline and then for bp supreme-grade gasoline

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500