SELECT * FROM question_mgmt as q WHERE id=10227 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Consider the demand for a good. At price Rs 4, the demand for the good is 25 units. Suppose the price of the good increases to Rs 5, and as a result, the demand for the good falls to 20 units. Calculate the price elasticity.

Answer:

P1=4, Q1=25
P2=5, Q2=20
∆P=P2-P1=5-4=1
∆Q =Q2-Q1=20-25=-5
=
=
e d=-0.8


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