Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. If the priceof heating oil rises from $1.80 to $2.20per gallon, what happens to the quantity of heating oil demanded in the short and long run? Why do you think the answer is different for both the time periods?

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A: Elasticity of demand depicts how much consumer responds with the change in price.

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A: Answer: option e (All of these are correct) Explanation: In the short run, the price elasticity of…

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A: If price of kerosene rises,quantity of heating oil would decrease.Because both are complements.

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Q: suppose the price elasticity of demand  for heating oil is 0.2 in short run and 0.7 in long run a.…

A: The price elasticity of demand shows the responsiveness of quantity demanded due to the change in…

Q: Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long…

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Q: Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long…

A: Answer to the question is as follows:

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Q: Suppose the price elasticity of demand for heating oilis 0.2 in the short run and 0.7 in the long…

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Q: Suppose the price elasticity of demand for oil is 0.3 in the short run and 0.8 in the long run. a)…

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Q: demand is a. perfectly elastic. O b. unit elastic C. elastic. inelasti.

A: Price elasticity of demand is the ratio of the percentage change in quantity demanded of a product…

Q: Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long…

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A: Hi! Thank you for the question but as per the guidelines, we answer only one question at a time.…