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Business, 18.02.2021 20:50 creeconnell1

Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run. a. If the price of heating oil rises from $1.20 to $1.80 per gallon, the quantity of heating oil demanded will by % in the short run and by % in the long run. The change is in the short run because people can respond easily to the change in the price of heating oil.
b. Why might this elasticity depend on the time horizon?

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Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long r...

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