What is the price elasticity of demand

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Suppose the price of gasoline rises from 4.00 to 5.50 per gallon, and in response, the quantity demanded decreases from 19,000 to 14,000. What is the price elasticity of demand? Is demand elastic or inelastic within this range? What is the change in total revenue? Does this make sense? Why or why not?

Reference no: EM132456220

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