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A consumer spends Rs. 400 on a good priced at Rs. 4 per unit. When the price rises by 25 per cent, the consumer continues to spend Rs. 400. Calculate the price elasticity of demand by percentage method. |
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Answer» A consumer spends Rs. 400 on a good priced at Rs. 4 per unit. When the price rises by 25 per cent, the consumer continues to spend Rs. 400. Calculate the price elasticity of demand by percentage method. |
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