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In June 2008, the U

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In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Briefly explain how you would calculate the price elasticity of demand for gasoline, determine whether the demand for gasoline elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic, and explain why.