Study the case given below and answer the questions given at the end. The demand function of a product is given as Q = 500-5P. Find out the point price elasticity demand: Questions: A. Find out the point price elasticity demand when: P = Rs. 15 and Q = 200 B. What inferences do you draw from the results when the price of a commodity increases from Rs. 15 to Rs. 50, the quantity demanded remaining constant?
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