| (i) When price of a good is Rs.7 per unit, a consumer buys 12 units. When price falls to Rs.6 per unit, he spends Rs.72 on the good. Calculate price elasticity and comment shape of demand curve. |
| (ii) Price elasticity of demand of a good is (-) 0.75. Calculate the percentage fall in its that will result in 15% rise in demand. |
Answer:
(i) 0, (ii) 20%
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