Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations.?

People who have not noticed a​ gas-price increase 40 People who drive electric cars 35 People who have recently noticed a​ gas-price increase 70 People who ride their bikes to work 20 People who ride the bus 100 To set up your experiment on how​ price-increase awareness impacts customer​ behavior, you would have (BLANK) people in your treatment group and (BLANK) people in your control group.


All factors show the decrease in revenues. And the demand is still inelastic. So it should increase the gas price, now.