What sorts of factors affect how long in real time it might


Suppose that new technological breakthroughs make solar water heaters extremely cheap to run, compared with water heaters that use fossil fuels, and only moderately expensive to install. Illustrate on a graph what you might expect the short-run and long-run demand adjustments to this price drop to be. What sorts of factors affect how long, in real time, it might take for the "long-run" situation to occur?

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Econometrics: What sorts of factors affect how long in real time it might
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