At a price of Rs 20 per unit, the quantity demanded of a commodity is 300 units. If the price falls by 10%, its quantity demanded rises by 60 units. Calculate price elasticity.
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price 20 quantity 300
price 1 18 quality 1 360
Ed = ∆Q/∆P×P/Q
= 60/2 × 20/300
= 2
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