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Suppose the price elasticity of demand for heating oil is 0.2in the short run and 0.7in the long run. If the price of heating oil

Suppose the price elasticity of demand for heating oil is 0.2in the short run and 0.7in the long run.

If the price of heating oil rises from 1.8to2.2per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations.)

Why might this elasticity depend on the time horizon?

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