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 price of heating oil rises from $1.80to $2.20 per gallon, what happens to quantity of heating oil demanded in the short run? In the end?
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 price of heating oil rises from $1.80to $2.20 per gallon, what happens to quantity of heating oil demanded in the short run? In the end?
Chapter6: Elasticity
Section: Chapter Questions
Problem 8QP
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