4. Suppose the price of gasoline in July 2012 averaged $1.35 a gallon and 15 million gallons a day were sold.
In October 2018, the price averaged $2.15 a gallon and 14 million gallons were sold. If the
demand for gasoline did not shift between these two months, use the midpoint formula to calculate
the price elasticity of demand. Indicate whether demand was elastic or inelastic?

Direct materials (4.2 x $15) $ 63direct labor ($12 x 17.5) $210manufacturing overhead ($2.40 x 17.5) $42total job cost $ 315dougan, inc. allocates overhead based on a predetermined overhead rate of $2.40 per direct labor hour. employees are paid $12.00 per hour. job 24 requires 4.2 pounds of direct materials at a cost of $15.00 per pound. employees worked a total of 17.5 hours to complete the job. actual manufacturing overhead costs totaled $80,000 for the year for the company. how much is the cost of job 24?