Calculate and interpret the elasticity of demand

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Reference no: EM131092312

The? short-term demand for crude oil in Country A in 2008 can be approximated by q equals f left parenthesis p right parenthesis equals 2 comma 144 comma 309 p Superscript negative 0.05 ?, 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 ?$79 per barrel.

The elasticity of demand for oil is ____ .

?(Type an integer or a? decimal.)

Reference no: EM131092312

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