3. Problems and Applications Q3 Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run. % in the short run and by If the price of heating oil rises from $1.80 to $2.20 per gallon, the quantity of heating oil demanded will fall by % in the long run. The change is in the long run because people can respond easily to the change in the price of heating oil. Grade It Now Save & Continue Continue without saving

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