Determinants of price elasticity of demand

Reference no: EM133516162

Assignment:

Epsey and Epsey (2005) studied the price elasticity of demand for residential electricity and found the average short run price price elasticity of demand to be -0.35, while the long run price elasticity was -0.85. How would you explain this difference, based on what are considered to be the determinants of price elasticity of demand. (No diagram is necessary for this question.)

Reference no: EM133516162

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