Suppose the price of apples increased
from Rs 100 to Rs 200 per kg. Whereas the
uunity demand decreased foom lo to b.
Find elasticity of demand. Also draw the
demand curve and discuss the nature of
the price elasticity of demand?
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The price elasticity of demand (which is often shortened to demand elasticity) is defined to be the percentage change in quantity demanded, q, divided by the percentage change in price, p. The formula for the demand elasticity (ǫ) is: ǫ = p q dq dp .
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