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4. It is observed that quantity demanded of good X rises from 50 units to 100 units when price falls from $12 to $10 per

4. It is observed that quantity demanded of good X rises from 50 units to 100 units when price falls from $12 to $10 per piece. Calculate the price elasticity of demand.

Kazi sentToday at 3:15 PM

5. State whether demand will be elastic or inelastic for the following goods: (a) Kerosene in the rural areas where there is no electricity; and (b) Diamonds. Explain your answers.

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