Elasticity and 5 Degree’s of Elasticity

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5 Degree’s of Elasticity

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Practice Question:

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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

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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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See Also:

What is demand forecasting?

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