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Elasticity of demand for oil

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Reference no: EM131037722

The elasticity of demand for oil is -0.5 and the elasticity of supply is 0.20. If the demand for oil increases 10 percent, what happens to the price of oil?

  • It increases by 14 percent.
  • It decreases by 20 percent.
  • It increases by 8 percent.
  • It increases by 40 percent.

Reference no: EM131037722

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