the quantity demanded increases from 100 …
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Posted by Unnati Singh Parihar 5 years, 1 month ago
- 2 answers
Gaurav Seth 5 years, 1 month ago
It is given that, the demand for a commodity increases from 100 units to 200 units when the price of that commodity decreases from 12 to 10 Rs.
We have to find the Elasticity of Demand.
The percentage change in price = (change in price / original price ) X 100
= (2 / 12) X 100
= 16.67%
The percentage change in quantity = (change in quantity / original quantity ) X 100
= (100 / 100 ) X 100
= 100%
The elasticity of demand = % change in quantity / % change in price
= 100 / 16.67
= 5.99
The elasticity of demand is 5.99.
The elasticity of demand comes after dividing the percentage change in quantity with the percentage change in price. Thus, the elasticity of demand is 5.99.
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Aaditya Singh 5 years, 1 month ago
0Thank You