Question

3. When price of the commodity reduces from 5 per unit to 4 per unit, expenditure on the
commodity reduces from * 60 to 48. Find price elasticity of demand by percentage method.​

Answer 1

Answer:

ep=️Q/️P×P/Q

Explanation:

️ Q=48-60

=-12

️ P=4-5

=-1

ep=-12/-1×5/60

=1