Price elasticity of oil production
17 Oct 2017 The global change in oil production over the last four decades has significantly affected the price elasticity of demand. Get Help With Your Six studies estimate the short-run price elasticity of oil supply: Half of them estimate a supply elasticity of about 0.25, two of them found elasticities near zero, and one study estimates a negative supply elasticity. By contrast, thirty studies estimate the short-run price elasticity of demand.