The​ short-term demand for crude oil in Country A in 2008 can be approximated by q equals f (p )equals

The​ short-term demand for crude oil in Country A in 2008 can be approximated by q equals f (p )equals 2,067,542p ^.04 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 ​$69 per barrel.

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