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Solution - Measurement of Elasticity of Demand - Percentage-change Method

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Question

When price of good is Rs7 per unit a consumer buys 12 units. When price falls to Rs6 per unit he spends Rs72 on the good. Calculate price elasticity of demand by using the percentage method. Comment on the likely shape of demand curve based on this measure of elasticity.

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Solution for concept: Measurement of Elasticity of Demand - Percentage-change Method. For the courses CBSE (Arts), CBSE (Commerce), CBSE (Science)
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