Suppose that the local utility regulators have recently approved an increase in the price of electricity from 10¢ per kilowatt-hour to 10.5¢ per kilowatt-hour.The long-run price elasticity of demand for electricity is estimated to be -1.2.

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The Answer of Suppose that the local utility regulators have recently approved an increase in the price of electricity from 10¢ per kilowatt-hour to 10.5¢ per kilowatt-hour.The long-run price elasticity of demand for electricity is estimated to be -1.2.

Suppose That the Local Utility Regulators Have Recently Approved an Increase