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Epsey and Epsey [EDDS] studied dte price elasticity of dernand for residential electricity and found the average short run price price elasticity of demand to

Epsey and Epsey [EDDS] studied dte price elasticity of dernand for residential electricity and found the average short run price price elasticity of demand to he 41.35, while the long run price elasticity 1was 43.35. How would you explain this difference, based on what are considered to he the determinants of price elasticity of demand. [No diagram is necessary for this question.)

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