the quantity demanded of a commodity falls by 5 units when price rises by rs 1 per unit. its ped is -1.5 calculate the price before change if at this price quantity demanded was 60 units.
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The qunantity demanded of a commodity at a price of ₹ 8 per unit is 600 units. Its price falls by 25 per cent and the quantity demanded rises by 120 units. Calculate the price elasticity of demand . Is its demand elastic ? Give reason for your answer.
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