Suppose that when the price of gasoline is $3 per gallon, the total amount of gasoline supplied in the United States is 12 million barrels per day. Also suppose that when the price of gas decreases to $2.25 per gallon, the total amount of gasoline supplied is 8 million barrels per day. Based on these numbers and using the simple formula, the price elasticity of supply of gasoline is: Multiple choice question. 0.67. 1.33. 1.40. 0.71