Assume the price elasticity of demand for heating oil is, Ask an Expert

Economics

Q1. Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run. If price heating oil increased from $1.8 to $2.2 per gallon, illustrate the percentage change to quantity of heating oil demand in the short run?

Q2. We have Desired Investment function= 380-400r and Desired Savings Function= 300+600r now we have a new desired investment function=350-400 and same desired savings function. Name four reasons why the desired investment function would change the way it did?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9156960

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