MAT14OOCO4 Survey of Calculus: MAI (April Pierce) FA22 Kailey Harris 11/10/22 5:16 PM CD This test: 20 point(s) possible This question: 1 point(s) possible Sme't test E Test: Mod 5 Exam Question 12 of 20 The short-term demand for crude oil in Country A in 2008 can be approximated by q = t(p) = 2.131.776p' 0'04. where p represents the price of crude oil in dollars per barrel and q represents the per '6 capim consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $77 per barrel. Question list (9) Question 8 The elasticity of demand for oil is . (Type an integer or a decimal.) Question 9 What is the elasticity of demand for oil when the the price is $77 per barrel? (Type an integer or a decimal.) Question 10 Interpret the elasticity of demand. Choose the correct answer below. O A. The demand is inelastic, so as price increases, revenue decreases. QueSt'on 1 1 O B. The demand is elastic. so as price increases. revenue decreases. (Q) C. The demand is inelastic, so as price increases. revenue increases. Question 12 C) D. The demand is elastic. so as price increases. revenue increases. Question 13 0 Question 14 Question 15 0 Question 16 0 Question 17 I.' mums\"-.. 40 (9 Time Remaining: 00:06:33 m