Suppose the price of gasoline in july 2018 averaged $1.35 a gallon and 15 million gallons a day were sold. in october 2018, the price averaged $2.15 a gallon and 14 million gallons were sold. if the demand for gasoline did not shift between these two months, use the midpoint formula to calculate the price elasticity of demand. indicate whether demand was elastic or inelastic.

Answer rating: 100% (QA)

Mid point formula needs the average of quantity Q1 and new quantity Q2 or price P1 and n... View the full answer