Question
Define elasticity of demand. Explain any one method of measuring it.
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|
Commodity
|
Prices in 2018
|
Prices in 2019
|
|
Rice
|
120
|
180
|
|
Wheat
|
80
|
100
|
|
Oil
|
300
|
400
|
|
Pulses
|
130
|
180
|
|
Suger
|
150
|
200
|
|
X
|
0
|
2
|
4
|
6
|
8
|
10
|
12
|
|
Y
|
4
|
4
|
6
|
10
|
10
|
8
|
7
|
|
Class Inrercal
|
Frequency
|
|
0-10
|
4
|
|
10-20
|
6
|
|
20-30
|
7
|
|
30-40
|
14
|
|
40-50
|
16
|
|
50-60
|
14
|
|
60-70
|
8
|
|
70-80
|
6
|
|
80-90
|
5
|
|
X
|
1
|
3
|
4
|
5
|
8
|
9
|
|
Y
|
4
|
6
|
9
|
10
|
15
|
16
|
| Quantity Sold (Units) | Price (₹) | Total Cost (₹) |
| 1 | 5 | 7 |
| 2 | 5 | 12 |
| 3 | 5 | 16 |
| 4 | 5 | 18 |
| 5 | 5 | 23 |