Asked by Jon

Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.
c. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint methodin your calculations.)

Answers

Answered by Abir
Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.
c. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint methodin your calculations.)
Answered by Logan
dekeoteted dhtekt hio3qtk3
Answered by shane
Quantity demanded will increase by 0.4
Answered by Anonymous
2we2
Answered by Cholpon
Suppose the price of elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long
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