In 2014, about 136.78 billion gallons(or 3.26 billion barrels) of gasoline were consumedin the United States, a daily average of about 374.74 million gallons (or 8.92 million barrels).This was about 4% less than the record high of about 142.35 billion gallons (or 3.39 billion barrels) consumed in 2007. In 2007 the price per gallon of gasoline was approximately $2 per gallon and in 2014 the price was approximately $2.60 per gallon.What is the price elasticity of demand for gasoline in America?

What will be the effect of a five percent increase in price on equilibrium quantity and total revenue of coffee.....

a. If the price elasticity of demand is 3.0%?

b If the price elasticity of demand is 0.5%?