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The short-run elasticity of demand for gasoline is estimated to be about 0.11, but the long-run elasticity is about 0.9. describe, based on the determinants of elasticity, why the short-run elasticity is so low (inelastic), but why elasticity is far higher (though still inelastic) in the long run.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942870

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