Is demand more or less elastic in the long run

Reference no: EM133711787

Question: 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. Is demand more or less elastic in the long run? What factors explain this?

Reference no: EM133711787

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