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What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?
  • a)
    Rs. 15.4
  • b)
    Rs. 18
  • c)
    Rs. 20
  • d)
    Rs. 8
Correct answer is option 'A'. Can you explain this answer?

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What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?a)Rs. 15.4b)Rs. 18c)Rs. 20d)Rs. 8Correct answer is option 'A'. Can you explain this answer?
Assume original price as 'X' Ep = % ∆D÷ %∆P 0.71= 20-15 /20 ÷ X-10/X 0.71= 5/20 ÷ X-10/X 0.71= (1/4) × (X/X-10) 0.71 = X÷ (4X-40) X = 0.71× (4X-40) X = 2.84X - 28.4 X - 2.84X = -28.4 -1.84X = -28.4 X = -28.4/ -1.84 X = 15.4

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What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?a)Rs. 15.4b)Rs. 18c)Rs. 20d)Rs. 8Correct answer is option 'A'. Can you explain this answer?
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What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?a)Rs. 15.4b)Rs. 18c)Rs. 20d)Rs. 8Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2023 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?a)Rs. 15.4b)Rs. 18c)Rs. 20d)Rs. 8Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2023 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10?a)Rs. 15.4b)Rs. 18c)Rs. 20d)Rs. 8Correct answer is option 'A'. Can you explain this answer?.
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