Suppose the price elasticity of demand for petrol is 02 in


Suppose the price elasticity of demand for petrol is 0.2 in the short run and 0.7 in the long run. If the price of petrol rises by 28%, what effect on quantity demanded will this have in the short run?

In the long run?

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Business Management: Suppose the price elasticity of demand for petrol is 02 in
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