Question

If price of an article decreases from Rs P1 to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P1?
A) Rs 220 B) Rs 240 C) Rs 200 D) Rs 250

Answer 1

When the price falls from Rs. 10 to 8 quantity demand increases from 1 to 2. In the same way as price falls, quantity ...

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