Question: please answer this asap consider that the elasticity of demand...
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.|