Calculate the quantity of demand of a commodity when the price increases from rupees 4 rupees to 6ruppes the original quantity demanded was 40 units and the price list of demand is 0.5
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The price elasticity of demand is calculated as the percentage change in quantity demanded (110 - 100 / 100 = 10%) divided by a percentage change in price ($2 - $1.50 / $2). The price elasticity of demand, in this case, is 0.4. Since the result is less than 1, it is inelastic
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