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Ores and Mineral

Price of a co...

Question

Price of a commodity falls from Rs 20 to Rs 15 per unit. Its demand rises from 600 units to 750 units. Calculate its price elasticity of demand.

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Solution

$E d = \frac{P}{Q} . \frac{Δ Q}{Δ Π} = \frac{20}{600} . \frac{150}{- 5} E d = - 1$

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