Business, 06.07.2019 03:10 greend0719

Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run. if the price of heating oil rises from $1.80 to $2.20 per gallon, the quantity of heating oil demanded will % in the short run and % in the long run. the change is in the long run because people can respond easily to the change in the price of heating oil.

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Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long r...

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