The initial demand for a commodity is 80...

The initial demand for a commodity is 80 units, the demand falls by 4 units due to rise in price by ₹ 10 . If price elasticity of demand is 1.5 calculate the price before change in demand.

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The correct Answer is:

Price Before change in Demand (Original price ) = ₹300

Price Elasticity of demand `(E_(d)) = (DeltaQ)/(DeltaP)xxP/Q=1.5=4/(10)xxP/80 Rightarrow P = ₹ 300`

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