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The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and quantity demanded rises by 120 units. Calculate elasticity of demand.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...

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The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and quantity demanded rises by 120 units. Calculate elasticity of demand.

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