Business, 01.02.2021 04:30 Emiann222

4. Suppose the price of gasoline in July 2012 averaged $1.35 a gallon and 15 million gallons a day were sold.
In October 2018, the price averaged $2.15 a gallon and 14 million gallons were sold. If the
demand for gasoline did not shift between these two months, use the midpoint formula to calculate
the price elasticity of demand. Indicate whether demand was elastic or inelastic?

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4. Suppose the price of gasoline in July 2012 averaged $1.35 a gallon and 15 million gallons a day w...

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