Question

Q.21 If elasticity of demand for a good is 1 and the percentage change in it's price = 4, then the % change in demand will be:- a)4 b) 1 c) 2.5 d) none of these




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Answer 1

Answer:

answer a) 4 is the write answer

Explanation:

If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Elasticity of demand is illustrated in Figure 1. Note that a change in price results in a large change in quantity demanded

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Answer 2

Answer:

Option (A) 4 is the right answer.

Explanation:

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