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When the price of a good falls by 10% it’s quantity demanded rises from 40 units to 50 units. Calculate the price elasticity by percentage method 
Asked by Gurpreet0102 | 27 May, 2019, 11:18: AM
answered-by-expert Expert Answer

Percentage change in price= 10 

Percentage change in quantity = fraction numerator increment Q over denominator Q end fraction cross times 100 space equals space 10 over 40 cross times 100 space equals space 25 

Ed =fraction numerator P e r c e n t a g e space c h a n g e space i n space q u a n t i t y space d e m a n d e d over denominator P e r c e n t a g e space c h a n g e space i n space p r i c e end fraction

    =                   25 over 10 equals space 2.5

 
Answered by Christina | 27 May, 2019, 02:46: PM
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