Percentage change-quantity-heating oil demand in short run, Microeconomics

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Percentage change-quantity-heating oil demand in short run

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 heatimg oil rises from $1.8 to $2.2 per gallon, what is the percentage change to the quantity of heating oil demand in the short run?

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Microeconomics: Percentage change-quantity-heating oil demand in short run

Reference No:- TGS041938

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Percentage change-quantity-heating oil demand in short run

Reference No:- TGS041938

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : How is transfer price of intermediate product determined

Q : Determine the inventory at june 30

Q : Determining annual interest rate on the loan

Q : What will effect on company''s monthly net operating income

Q : Percentage change-quantity-heating oil demand in short run

Q : What is dawson''s common stock balance

Q : What is ben''s gross income for tax purposes

Q : Write reasons why desired investment function would change

Q : Determining the consumption function

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Percentage change-quantity-heating oil demand in short run

Reference No:- TGS041938

Recent Questions Asked Microeconomics

Q : How is transfer price of intermediate product determined

Q : Determine the inventory at june 30

Q : Determining annual interest rate on the loan

Q : What will effect on company''s monthly net operating income

Q : Percentage change-quantity-heating oil demand in short run

Q : What is dawson''s common stock balance

Q : What is ben''s gross income for tax purposes

Q : Write reasons why desired investment function would change

Q : Determining the consumption function

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