Is gasoline elastic, unitary elastic, or inelastic? Why? Provide rationale for your response.

In both the short-run and long-run, demand for gasoline is price inelastic means consumers are insensitive to changes in price. That implies when there is an expansion in the price of gasoline, the quantity demanded decreases but by a generally lower rate, and when the price falls the quantity demanded goes up but by a moderately lower rate. The reason for this is that the products that have an inelastic demand have not many substitutes. In addition to having a couple of substitutes, gasoline is also a necessity.