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Question

On the basis of graph given above answer next 5 questions.
At curve D D2 elasticity is __________.

913444_803533e0e6e54c06aea4c58cc5073ac3.png

A
Ed>1
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B
Ed<1
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C
Ed=1
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D
Ed=
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Solution

The correct option is A Ed>1
In the given curve x-axis shows quantity and y-axis shows price.
In given curve DD2, we can see its line where quantity of demand and price changes .
The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.
At curve DD2 a product or service's demanded quantity changes by a greater percentage than changes in price.
Ed=%changeinquantity%changeinprice
Here,
% Change in quantity >% Change in price.
Ed>1

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