Microeconomics (6th Edition)
Microeconomics (6th Edition)
6th Edition
ISBN: 9780134106243
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 6, Problem 6.2.6PA

The price elasticity of demand for crude oil in the United States has been estimated to be -0.06 in the short run and -0.45 in the long run. Why would the demand for crude oil be more price elastic in the long run than in the short run?

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Microeconomics (6th Edition)

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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License