The short-term demand for crude oil in Country A in 2008 can be approximated by q = f(p) = 1, 705, 621 p^-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 $46 per barrel. The elasticity of demand for oil is (Type an integer or a decimal.) What is the elasticity of demand for oil when the price is $46 per barrel? (Type an integer or a decimal.) Interpret the elasticity of demand. Choose the correct answer below. a. The demand is elastic, so as price increases, revenue decreases. b. The demand is elastic, so as price increases, revenue increases. c. The demand is inelastic, so as price increases, revenue increases. d. The demand is inelastic, so as price increases, revenue decreases.