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CBSE Class 11-commerce Answered

supposing the initial demand was 100 units by the rise in price by rs 5 the quantity demanded decreases by 5 units .elasticity of demand is -1.2 find out the price before the change in demand
Asked by Nikitabatra777 | 11 Jun, 2020, 09:07: AM
answered-by-expert Expert Answer
Initial demand (Q) = 100 units
Rise in price = Rs 5
Fall in demand= 5units
New demand = 95units (decrease in demand)
Ed= -1.2
Original Price= ?
 
Ed = E d space equals space fraction numerator increment Q over denominator increment P end fraction cross times P over Q 1.2 space equals space 5 over 5 cross times P over 100 1.2 space cross times space 5 over 5 cross times 100 space equals space P 600 over 5 equals 120 P equals 120
 
Answer: Price before change in demand (original price) = Rs 120
Answered by Christina | 11 Jun, 2020, 12:49: PM
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