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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?

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Tundexi Tundexi

05-09-2020

Answer:

The price of oil will decreases by 20 percent.

Explanation:

Elasticity of demand =-0.5

% change in demand = 10%

% Change in price = % change in demand / Elasticity of demand

% Change in price = 10% / -0.5

% Change in price = -20%

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