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Author Question: Why is the supply of oil more price elastic in the long run? A) New deposits are found. B) ... (Read 16 times)

lunatika

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Why is the supply of oil more price elastic in the long run?
 
  A) New deposits are found.
  B) Better extraction technology is developed.
  C) Firms have the ability to change the amount of all inputs.
  D) All of the above.

Question 2

Electricity accounts for almost 20 of the cost of making steel. A 10 increase in electricity prices results in steel firms decreasing production and thereby demanding 5 less electricity. Over many years, technological innovations can change the way steel firms make steel and reduce the industry's energy requirements. This suggests that the steel industry's short-run elasticity of demand for electricity is probably
 
  A) less than one in absolute terms in the short run.
  B) less than its long-run elasticity of demand for electricity.
  C) Both A and B above.
  D) Neither A nor B above.


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jojobee318

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lunatika

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Reply 2 on: Jul 1, 2018
Excellent


irishcancer18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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