the price of a commondity is ₹ 12 per u...

the price of a commondity is ₹ 12 per unit and its quantity demanded is 500 units. When price rises by ₹ 3 per unit, its quantity demanded falls by 150 units. Calculate its price elasticity of demand. Is demand elastic ?

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The correct Answer is:

`(E_(d)=(-) 1.20` Yes demand is elastic as ` E_(d) gt 1`

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