Calculate the percentage decrease in quantity

Reference no: EM13797225

If the price increases by 10 percent, by how much does the quantity of household ( a) natural gas and ( b) electricity change in the short run and in the long run? Calculate the percentage decrease in quantity due to 10% increase in price

Short run Long run

Natural Gas 1.40 2.10

Electricity 0.13 1.89

Reference no: EM13797225

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