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If ratio between the change in price & change in quantity demanded is 0.25. The consumer demands 100 units at an initial price of Rs 10 per unit. Calculate the price elasticity of demand. |
(-) 0.025 (-) 0.040 (-) 0.40 (-) 0.25 |
(-) 0.40 |
The correct answer is option (3) : (-) 0.40 |
