Why might you expect the demand for petrol to be more elastic in the long run thanthe short run? Name, with a brief explanation, two other goods that might share this characteristic. (These ‘other goods’ should not be in the general field of fuel or power.)

Why might you expect the demand for petrol to be more elastic in the long run thanthe short run? Name, with a brief explanation, two other goods that might share this characteristic. (These ‘other goods’ should not be in the general field of fuel or power.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Why might you expect the demand for petrol to be more elastic in the long run than
the short run?
Name, with a brief explanation, two other goods that might share this characteristic.
(These ‘other goods’ should not be in the general field of fuel or power.)

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