Price elasticity of demand crude oil
26 Jan 2012 Elasticity is the term economists use to describe how much supply or demand responds to changes in price. If a small change in price produces a were less inelastic or some cases like China was elastic than short run elasticities of price and income of crude oil demand. It was suggested that oil importer The key features of any account, he writes, are the low price elasticity of demand for oil; the strong growth in demand from China, other newly industrialized