Question

When the price of a commodity increases by 10%, its quantity demanded decreases by 40%, then what will be the value of price elasticity of demand of that good?​

Answer 1

Answer:

Answer: Elastic demand occurs when changes in price cause a disproportionately large change in quantity demanded. For example, a good with elastic demand might see its price increase by 10%, but demand drop by 30% as a result. The PED of the good is 4.2, which is considered to be elastic

Explanation:

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Answer 2

Answer:

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Explanation:

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