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प्रश्न
The demand for a commodity declines by 10% when its price increases from ₹ 5 to ₹ 6 per unit. What is the price elasticity of demand of the commodity.
संख्यात्मक
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उत्तर
Percentage Change in Quantity Demanded:
= −10%
Percentage Change in Price:
= `((6-5)/5)xx100 = (1/5)xx100 = 20%`
Price Elasticity of Demand:
`E_d = (-10%)/(20%) = -0.5 or -1/2`
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