Business, 07.05.2020 03:04, dawnejones4013

The short-term demand for crude oil in Country A in 2008 can be approximated by q equals f (p )equals 1 comma 858 comma 635 p Superscript negative 0.07, where p represents the price of crude oil in dollars per barrel and q represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $64 per barrel.

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The short-term demand for crude oil in Country A in 2008 can be approximated by q equals f (p )equal...