If price of an article decreases from P1 to Rs 25, quantity demanded increases from 900 units to 1200 units. If point elasticity of demand is 2 find P1?
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The price demand is just taking place with responsiveness of quantity P1. This is so far carried out by initiating with demanded price rises to P2. This is generally found to be less elastic and inelastic in demand changes. This is so far guiding with good when the price 2 is valid per unit. When the price changes, it buys for 25 units per head.
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