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If the price increases by 10%, by how much does he quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?

Elasticity

Commodity Short run Long run

Household natural gas (US)power f 1.40 2.10

Electricity (household, US) power b 0.13 1.89

Microeconomics, Economics

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  • Reference No.:- M945691

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