The short-term demand for crude oil in Country A in 2008 can be approximated by q = f(p) = 2,284,084p-0.06, where p represents the price of crude oil in dollars per barrel and a represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $94 per barrel. The elasticity of demand for oil is (Type an integer or a decimal.) What is the elasticity of demand for oil when the the price is $94 per barrel? (Type an integer or a decimal.) Interpret the elasticity of demand. Choose the correct answer below. OA. The demand is elastic, so as price increases, revenue increases. OB. The demand is inelastic, so as price increases, revenue decreases. OC. The demand is elastic, so as price increases, revenue decreases. OD. The demand is inelastic, so as price increases, revenue increases.

Caloulate ard interyent the elasticly of derrand when the price is $54 per barel The elasticity of semand for el is (Trpe an irteger er a decinat). What is the elatichy of semand for of when the the price is ist fer benein? Trpe in heoper or e decimaly c. The dement is elaste, de as price norases, reverue decrases