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Suppose you own a service station, and you are currently selling gasoline for $1 30/liter. At this price you can sell 2,000 liters of gasoline per day You are considering to cut your price to $1.20 to attract drivers who have been shopping around at competing gas stations. The graph below shows two possible increases in the quantity sold as a result of your price cut (demand curves D1 and D2). Use the information in the graph to calculate the price elasticity between these two prices on each of the demand curves (Use the midpoint formula for your calculations). In another words, you need to calculate two price elasticity of demands, one between points A & B, and the other one between points A & C. Price ($/Itr) 1.30 1.20 D2 Quantity 2000 2 200 2,600 (liters/day) In blank parts of question 1 in here, write down calculated elasticity between A&B, and judge if the demand D1 is elastic or inelastic. 1-Price elasticity of demand D1 is equal to which makes this elasticity to be In blank parts of question 2 in here, write down calculated elasticity between A&C, and judge if the demand D2 is elastic or inelastic. 2-Price elasticity of demand D2 is equal to which makes this elasticity to be 8:43 PM ~ ENG