Answer:
Total revenue would rise in the short run
Explanation:
A price elascitiy of 0.4 indicates that demand is inelastic.
Inelastic demand means that a small change in price has little or no effect on quantity demanded. The absolute value of inelastic demand is less than 1.
If the cost of the crude oil increases, the price of gasoline would increase too. Because demand is price inelastic , there would be little or no change in the quantity demanded of gasoline as a result total revenue would increase as a result of the rise in price.
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