When the price of gasoline is set at $4.00, the gas station sells 1,000 gallons per week. When the price of gasoline falls to $3.80, the station sells 1,050 gallons. Calculate the price elasticity of demand using the mid-point formula.
Instructions:
Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number.
The price elasticity of demand is:.

When the national economy goes from bad to better, market research shows changes in the sales at various types of restaurants. projected 2011 sales at quick-service restaurants are $164.8 billion, which was 3% better than in 2010. projected 2011 sales at full-service restaurants are $184.2 billion, which was 1.2% better than in 2010. how will the dollar growth in quick-service restaurants sales compared to the dollar growth for full-service places?