Question

Due to 15% rise in price, demand changes from 100 to 80 units. Price elasticity of demand will be equal to
1
1.33
1.5
2

Answer 1

Answer:

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Answer 2

Given:

P=Rs.100; P  1 = Rs.80;

△P=P1 −P= 100-80=20

Percentage change in price = P /△P ×100

                                               =20/100*100

                                               =20

Price elasticity of demand (Ed )=Percentage change in quantity demanded/Percentage change in price

=20/15

=4/3

1.33

Price elasticity of demand will be equal to 1.33

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