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Category > Economics Posted 22 Jun 2017 My Price 4.00

price elasticity of petrol

•Suppose the price elasticity of petrol is 0.3 in the short run and 0.9 in the long run.

a)If the price of a litre of petrol falls from $2.00 to $1.80,what happens to the quantity of petrol demanded in short run? In the long run?(Use the midpoint formula in your calculations)

b)Why might the elasticity of demand for petrol depend on a time horizon? 

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SuperTutor
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Status NEW Posted 22 Jun 2017 03:06 AM My Price 4.00

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