When the price of gasoline increased from 3 to 4 dollars per gallon, the demand for gasoline decreased from 100,000 gallons to 90,000 daily. Also, the demand for a $50,000 SUV dropped from 3000 to 2500 cars per month. Based on the above please answer the following questions:
1) Estimate the price elasticity of demand for gasoline.
2) Estimate the price elasticity of demand for SUVs.
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