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  • 25-10-2022
  • Business
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. suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. if the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? in the long run? (use the mid point method in your calculations.)

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