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3. Suppose that the average person in the world consumes 2.5 gallons of gas per day.  If...

3. Suppose that the average person in the world consumes 2.5 gallons of gas per day.  If the price elasticity of demand is -0.4 and the price sharply increases from $2.50 per gallon to $3.00 per gallon, what happens to per capita demand?

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