CBSE Class 12-commerce Answered
If the price of a commodity rises by 10% and its quantity demanded falls from 40 units to 30 units .
calculate price elasticity and comment on nature of elasticity
Asked by seeni2005 | 27 Mar, 2019, 09:53: PM
Expert Answer
Given:
Q= 40
Q1= 30
Change in price = 10%
Therefore price elasticity of demand is Ep<1 ie Inelastic.
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