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Comment upon the degree of elasticity of demand for Good X, in the following given situations, if the price of the commodity rises from Rs. 5 per unit ot Rs. 7 per unit and the quantity demanded falls from 20 units to 16 units: (i) Using the total household expenditure method, (ii) Using proportionate method. |
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Answer» Comment upon the degree of elasticity of demand for Good X, in the following given situations, if the price of the commodity rises from Rs. 5 per unit ot Rs. 7 per unit and the quantity demanded falls from 20 units to 16 units: |
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