When the price of gasoline is set at $4.00, the gas station sells 1,000 gallons per week. When the price of gasoline falls to $3.80, the station sells 1,050 gallons. Calculate the price elasticity of demand using the mid-point formula.
Instructions:
Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number.
The price elasticity of demand is:.