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Given : The market demand for a good at Rs. 4 per unit is 100 units. Due to increase in price, the market demand falls to 75 units. Price elasticity is 1.
To find : New price of the commodity
Solution :
According to the given information, we have :
We have formula for elasticity of demand,
Therefore,
New price = Rs. 4 + Rs. 1 = Rs. 5
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