Solved: Calculate the percentage decrease in quantity due to 10, Macroeconomics

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Calculate the percentage decrease in quantity due to 10

Calculate the percentage decrease in quantity due to 10% increase in price, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and the long run? (Use the price-elasticity values).

Commodity Elasticity

Short Run Long Run

Household natural gas 1.40 2.10

Electricity (household) 0.13 1.89

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Macroeconomics: Calculate the percentage decrease in quantity due to 10

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Macroeconomics: Calculate the percentage decrease in quantity due to 10

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