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.)
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.)
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
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.