Question: please answer this asap consider that the elasticity of demand...
Question details
Please answer this ASAP: Consider that the elasticity of demand for crude oil is empirically estimated to be -0.18 in the short run. The current price of oil is forecast to increase 15% over the next month, due to a refinery outage. What is the estimated change in the quantity demanded, due to this price change?
| A 2.7% decrease in quantity demanded |
| A 1.2% decrease in quantity demanded |
| A 0.27% decrease in quantity demanded |
| An 83.3% decrease in the quantity demanded. |
| None of the answers provided. |
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