Posted by Jon on Friday, October 6, 2006 at 9:11pm.
Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.
c. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint methodin your calculations.)
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