Question

If the price of a commodity increases by the 10 %and as a result its quantity demanded decreases by 30 % , what will be the value of price elasticity of demand ? 1/3 , 300 , 30 or 3
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Answer 1

Answer:

When the price increases by 30% and the quantity demanded drops by 10% the price elasticity of demand is?

Inelastic demand occurs when changes in price cause a disproportionately small change in quantity demanded. For example, a good with inelastic demand might see its price increase by 30%, but demand drop by only 10% as a result

Answer 2

Answer:

yes upper answer is right