The short-term demand for crude oil in Country A in 2008 can be approximated by q equals f (p )equals 1 comma 782 comma 844 p Superscript negative 0.06, 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.

elasticity =  - 0.06

Explanation:

given data

q = 1,782,844

p =  price of crude

q = per capita consumption

price = $42 per barrel

solution

we first differentiate the given equation with respect to p

q = 1,782,844       .................1

 = 1,782,844 × -0.06 ×        ..............2  

now put here price value $42 per barrel

 = 1,782,844 × -0.06 ×      

 = - 2035.25

and

elasticity is express as here

elasticity =    ........................3

put here value and we get

elasticity =  

solve it we get

elasticity =  - 0.06

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