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Electricity change in the short run and the long run

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

 Commodity                                                        Elasticity 

                                                  Short Run                              Long Run

Household natural gas                            1.40                                     2.10

Electricity (household)               0.13                                     1.89 

Reference no: EM131074767

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