Suppose 5% rise in price of eggs causes its quantity demanded to fall by 10%. Then price elasticity of demand comes out to be а. 1% b. 2% с. 2.5% d. 3%

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Chapter5: Elastic And Its Application
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Suppose 5% rise in price of eggs causes its quantity demanded to fall by 10%. Then the
price elasticity of demand comes out to be
a. 1%
b. 2%
с. 2.5%
d. 3%
Transcribed Image Text:Suppose 5% rise in price of eggs causes its quantity demanded to fall by 10%. Then the price elasticity of demand comes out to be a. 1% b. 2% с. 2.5% d. 3%
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