Question: Please write the answer clearly The short-term demand for crude oil in CountryA in 2008 can be approximated by q = f(p) = 1.964.275p '

Please write the answer clearly The short-term demand for crude oil

Please write the answer clearly

The short-term demand for crude oil in CountryA in 2008 can be approximated by q = f(p) = 1.964.275p ' 0'05, where p represents the price of crude oil in dollars per banal and q represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $82 per barrel. The elasticity of demand for oil is El. (Type an integer or a decimal.) What is the elasticity of demand for oil when the the price is $82 per barrel? E] [Type an integer or a decimal.) Interpret the elasticity of demand Choose the correct answer below. The demand is elastic, so as price increases. revenue decreases. . The demand ls inelastic. so as price increases, revenue decreases- . The demand is inelastic, so as price increases, revenue increases. . The demand is elastic, so as price increases. revenue increases

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