Analyze gasoline price hike statistics in the following scenario.In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon.

1. This is a 33% increase in price from January 2008.
2. During that time, the total quantity of gasoline purchased fell by 3%.
3. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels.
4. No viable substitute has been created to replace gasoline.
5. In a two-page paper, address the following.Be sure to show your calculations.

Question: Calculate the price elasticity of demand for gasoline.

I am using -3/33%= -3.03. What is this telling me??