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Technology effects on price elasticity of demand

Assume that over time, engineers develop new residential furnances that can run on diferent types of fuels, eg. natural gas, electricity, propane, and fuel oil simply by flipping a switch on the furnace. How would this technological change affect the price elasticity of demand for natural gas? Why?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M925647

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