Find the price elasticity of demand

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Reference no: EM131403242

1. Give examples of commodities whose demand you would expect to be elastic and commodities whose demand you would expect to be inelastic.

2. A rise in the price of a certain commodity from $20 to $25 reduces quantity demanded from 25,000 to 10,000 units. Calculate the price elasticity of demand.

Reference no: EM131403242

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