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Discuss the likely short-run and long-run effects

Question 1: Distinguish between the normal and inferior goods.

Question 2: How can cross elasticities be used to help define the relevant firms in an industry?

Question 3: Suppose the price of heating oil increases significantly. Discuss the likely short-run and long-run effects.

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Other Management: Discuss the likely short-run and long-run effects

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Other Management: Discuss the likely short-run and long-run effects

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