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The short-term demand for crude oil in Country A in 2008 can be approximated by q=f(p)=2,122,679p0.04, where p represents the price of crude oil in
The short-term demand for crude oil in Country A in 2008 can be approximated by q=f(p)=2,122,679p0.04, where p represents the price of crude oil in dollars per barrel and q represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $42 per barrel. The elasticity of demand for oil is (Type an integer or a decimal.)
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