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When price of a good raises from Rs 12 per unit to Rs 15 per unit the producer supplies 50 per cent more output. What is the price elasticity of supply? Calculate. - Economics | Shaalaa.com

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SOLVED: A 10 percent rise in the price of bus fares increases the quantity demanded of taxi by 6% and decreases the quantity of demanded of bus by 8%.a) Calculate the price elasticity demand (PED) for bus services? Is the bus services price elastic or price inelastic? What will happen to the bus company’s total revenue after it raises it price? Why?

SOLVED: A 10 percent rise in the price of bus fares increases the quantity demanded of taxi by 6% and decreases the quantity of demanded of bus by 8%.a) Calculate the price elasticity demand (PED) for bus services? Is the bus services price elastic or price inelastic? What will happen to the bus company’s total revenue after it raises it price? Why?

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