Great correction. That still describes a "relatively inelastic commodity" (PED = 0 < x < 1) so I think it does make a decent example but readers may need to change the magnitude of some of the numbers. In case anyone is interested, here's an analysis of the elasticity of crude oil:
>Six studies estimate the short-run
price elasticity of oil supply: Half of them estimate a supply elasticity of about 0.25, two of them found
elasticities near zero, and one study estimates a negative supply elasticity. By contrast, thirty studies
estimate the short-run price elasticity of demand. Estimates of the demand elasticity range from −0.9
to −0.03, with the bulk of estimates between −0.3 and −0.1.
>Six studies estimate the short-run price elasticity of oil supply: Half of them estimate a supply elasticity of about 0.25, two of them found elasticities near zero, and one study estimates a negative supply elasticity. By contrast, thirty studies estimate the short-run price elasticity of demand. Estimates of the demand elasticity range from −0.9 to −0.03, with the bulk of estimates between −0.3 and −0.1.
https://www.federalreserve.gov/econresdata/ifdp/2016/files/i...