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

Question

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.)

Answer 1

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.)

Answer 2

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Answer 3

Quantity demanded will increase by 0.4

Answer 4

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Answer 5

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