Business, 17.06.2020 05:57 Fortnitenerd2238

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 $1.80 to $2.20 per gallon, the quantity of heating oil demanded in the short run will _ by _ in the short run and by ___ 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 0.2 in the short run and 0.7 in the long r...

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