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Assume the elasticity of oil supply is 001 and that the

Question: Assume the elasticity of oil supply is 0.01 and that the elasticity of oil demand is -0.01. You know that there has been a shortfall in the supply of oil of 10%. What is the expected change in the price of oil? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Microeconomics: Assume the elasticity of oil supply is 001 and that the

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