Suppose the price elasticity of demand for heating oil is 2, Business Economics

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Suppose the price elasticity of demand for heating oil is 2

Suppose the price elasticity of demand for heating oil is .2 in the short run and .7 in the long run. Use mid-point methods in A and B and show your work. A) If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of oil demanded in the short run? B) In the long run? C) Why might the elasticity depend on the time horizon?

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Business Economics: Suppose the price elasticity of demand for heating oil is 2

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