Economics @ ITT

Consumers make trade-offs as gas prices rise

Posted in economics, microeconomics by ittecon on January 18, 2011

For every penny the price at the pump increases, it costs consumers overall an additional $4 million, according to Cameron Hanover analyst Peter Beutel. If the price goes up a dime, it means consumers pay $40 million more each day that 10-cent hike is in place.

via Consumers make trade-offs as gas prices rise – Business – Oil & energy – msnbc.com.

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