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As price of a 5 per cent fall in the pri...

As price of a 5 per cent fall in the price of a good, its demand rises by 12 % find out the price elasticity of demand.

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The qunantity demanded of a commodity at a price of ₹ 8 per unit is 600 units. Its price falls by 25 per cent and the quantity demanded rises by 120 units. Calculate the price elasticity of demand . Is its demand elastic ? Give reason for your answer.

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