Suppose an individual buys 15 apples at Rs.5, and when the price of
apples increases to Rs.7, then she reduces her demand to 12 apples.
Calculate the price elasticity of demand.
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Answer:
dq/q *p/dp
15-12/15 * 5/5-7
.2* - 2.5= -. 5
Answer is . 5
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