“Canadian gas companies shipped 21.4 billion cubic metres to the US last year, up from 20.1 billion in 1983, according to figures released Tuesday by…

“Canadian gas companies shipped 21.4 billion cubic metres to the US last year, up from 20.1 billion in 1983, according to figures released Tuesday by the Canadian Gas Association. But lower prices permitted under new federal regulations instituted last year, reduced the over-all take from $3.94 billion to $3.92 billion.” a) (4 marks) Calculate the price elasticity of demand for natural gas sold to the US.

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