calculate elasticity of demand quantity demand fall by 15% due to increase in price by ₹ 20 per unit to 25 per unit
Answers 1
Answer: -0.6
Given = % change in quantity = 15% ; price change from Rs 20 to Rs 25
Find = elasticity of demand=?
Explanation:
% change in quantity is = -15%
increase in price by Rs 5
% change in price= 5/20*100
% change in price= 25%
Price elasticity of demand= % change in quantity/ % change in price
Price elasticity of demand= -15%/25%
price elasticity of demand= -0.6
elasticity of demand is Inelastic demand.
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