Question

the demand decline by 10 percent when its price increase from rupees 5 to rupees 6. calculate elasticity..?
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Answer 1

Rate of fall in demand = 10%
Change in price = 6-5 = 1
Rate of change in price = 1/5*100 = 20%
PED = 10/20 = 0.5
The elasticity is less than 1 meaning it is price inelastic.

Answer 2

Answer:

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Explanation:

answer.