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a. Arrange the following coefficients of price elasticity of demand in ascending order: -0.7, -0.3, -1.1, -0.8 b. Comment upon the degree of elasticity of demand for Good X, using the total outlay method, if the price of X falls from Rs 18 per unit to Rs 13 per unit and its quantity demanded rises from 50 units to 100 units. |
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Answer» a. Arrange the following coefficients of price elasticity of demand in ascending order: -0.7, -0.3, -1.1, -0.8 b. Comment upon the degree of elasticity of demand for Good X, using the total outlay method, if the price of X falls from Rs 18 per unit to Rs 13 per unit and its quantity demanded rises from 50 units to 100 units. |
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