when price for rupees 10 per unit to rupees 5 per unit is demand rises from 8 units to 14 units find out the price elasticity of demand
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when price for rupees 10 per unit to rupees 5 per unit is demand rises from 8 units to 14 units find out the price elasticity of demand
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Answer:
The elasticity of the demand is 1.5
Explanation:
This is because,
elasticity of demand= ∆q/q×p/∆p
i.e 6/8×10/5 = 1.5