solve

3. Problems and Applications Q3 Suppose the price elasticity of demand for biodiesel is 0.1 in the short run and 0.9 in the long run. If the price of biodiesel rises from $1.80 to $2.20 per gallon, the quantity of biodiesel demanded will by percent in the short run and by in the long run. The change is in the long run because people can respond easily to the change in the price of biodiesel