5 Degree’s of Elasticity
1. At a price of Rs 10 consumer demands 40 units, when price falls by Rs 2 then he increases his demand to 44 units. find Elasticity?
Ans: -1/2 or -0.5
2. At a particular price consumer demands 80 units. When the price rises by Rs 3 demand decrease by 20%. find the original price if the elasticity is 2.
Ans – 30 Rs
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