Explain why gasoline is inelastic in the short term, but tends to be more elastic in the long term.

Please refer to this

ELASTICITY: is a measure of HOW MUCH of a reaction we see in demand for an item, when prices change. Something is ELASTIC (stretchy) when there is a BIG response to price changes. For instance, luxury goods see a BIG response in the amount we buy when the price goes up or down. Price goes down == we rush out to buy a lot of luxury goods that we cannot normally afford. Price goes up == we stop buying because those items are not needed.

INELASTICITY: is a measure of HOW LITTLE of a reaction we see in demand for an item, when prices change. Something is INELASTIC (not stretchy) when there is a little / no response to price changes. For example, if gas prices CHANGE tomorrow, I will still buy gas even though it is more expensive. I'm showing how customers dont react in a big way to the price of gas. I can't replace my gas guzzling car in response to the price increase tomorrow, so I'll just fill my tank and go.