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Business, 19.03.2021 03:00 electrofy456

Suppose the price of gasoline in July 2017 averaged $2.35 a gallon and 15 million gallons a day were sold. In October 2017, the price averaged $3.05 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. Enter an exact number rounded to the nearest hundredth for the absolute value of this elasticity.

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