The demand for crude oil in the United States was recently approximated by q = (p) =

The demand for crude oil in the United States was recently approximated by q = ƒ(p) = 2,431,129p^-0.06, where p represents the price of crude oil in dollars per barrel and q represents the per capita consumption of crude oil. Calculate the elasticity of demand when the price is $100 per barrel. Is the demand elastic or inelastic? How would a 1% increase in the price affect the demand?