Question: Answer question 1 below. Quantity Price 4000 2.658 3600 2.758 Average Average % change % change Elasticity of Demand Elasticity: By how much did revenues

Answer question 1 below. Quantity Price 4000 2.658 3600 2.758 Average

Answer question 1 below. Quantity Price 4000 2.658 3600 2.758 Average Average % change % change Elasticity of Demand Elasticity: By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Gallons Variable Cost sold per Price day Revenue (price x gallons) Cost per Gallon (cost per unit x volume) 4000 2.658 10,632.00 2.158 8,632.00 3600

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