Question

Suppose a shop has a sale on its silverware. If the price of a silver earrings is reduced from ₹ 300 to ₹ 200 and the quantity demanded increases from 3,000 earrings to 5,000 earrings, what is the price elasticity of demand for silverware?
(a) 0.8
(b) 1.0
(c) 1.25
(d) 1.50

Answer 1

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(a) 0.8 ✔️

Answer 2

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(a) 0.8

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