1. The formula for own-price demand elasticity is . .. (7 points) Ed % change in Quantity Demanded or % change in Price % change in Quantity Demanded = Ed X % change in Price a. The own-price demand elasticity for gasoline is -0.2. Demand is elastic/unit elastic/inelastic b. Suppose the current price of gasoline is $3.00 per gallon and quantity per week at your gas station is 10,000 gallons. Total Revenue per week is $ If you raise the price 20%, the new price is $ and quantity demanded by % to gallons per week. increases/decreases Then your new Total Revenue becomes $