Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.a.if the price of heating oil rise from $1.80 to $2.20per gallon,what happens to the quantity of...

Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run.a.if the price of heating oil rise from $1.80 to $2.20per gallon,what happens to the quantity of heating oil demanded in the short run?In the long run?Use the midpoint method in your calculation.b.Why might this elasticity depend on the time horizon?