When the price of home heating oil increased by 20 percent, Econometrics

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When the price of home heating oil increased by 20 percent

When the price of home heating oil increased by 20 percent, the quantity demanded decreased by 2 percent and the quantity of wool sweaters demanded increased by 10 percent. Use this information to work Problems.
Use the total revenue test to determine whether the demand for home heating oil is elastic or inelastic.

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Econometrics: When the price of home heating oil increased by 20 percent

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Econometrics: When the price of home heating oil increased by 20 percent

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