for a commodity delta p divided by p is = -0.2 and ep is -0.6 find percent in ed
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Explanation:
Percentage change in price =
P
△P ×100=−0.2×100=(−)20 per cent
Elasticity of demand (E d )=
Percentagechangeinprice
Percentagechangeinquantitydemanded
−0.6 =
−20%
Percentagechangeinquantitydemanded
Percentage change in quantity demanded =(−)0.6×(−)20 per cent=12per cent
Percentage change in quantity demanded=12%
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