Maybe you can carpool to work sometimes or adjust your home thermostat by a few degrees if the cost of

energy rises, but that is about all. However, in the long run you can purchase a car that gets more miles to the

gallon, choose a job that is closer to where you live, buy more energy-efficient home appliances, or install more

insulation in your home. As a result, the elasticity of demand for energy is somewhat inelastic in the short run,

but much more elastic in the long run.

Figure 5.11 is an example, based roughly on historical experience, for the responsiveness of Qd to price

changes. In 1973, the price of crude oil was $12 per barrel and total consumption in the U.S. economy was 17

million barrels per day. That year, the nations who were members of the Organization of Petroleum Exporting

Countries (OPEC) cut off oil exports to the United States for six months because the Arab members of OPEC
{"uploaded_via": "batch_uploader", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "total_pages": 597, "file_type": ".pdf", "file_name": "Microeconomics3e.pdf", "upload_timestamp": "2026-02-07T15:37:44.339247", "creator": "PDFMiner", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_size_mb": 26.99, "creationdate": "2022-12-07T14:15:44-06:00", "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "producer": "Prince 14.2 (www.princexml.com)", "moddate": "2022-12-07T14:23:05-06:00", "batch_upload": true, "title": "Principles of Microeconomics 3e"}