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in Economics by (69.5k points)

Originally, a product was selling for Rs. 10 and the quantity demanded was 1000 units. The product price changes to Rs. 14 and as a result the quantity demanded changes to 500 units. Calculate the price elasticity

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Best answer

ep = ∆q/∆p x p/q

= 500/4 x 10/1000

= 1.25.

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